A massive financial fraud has surfaced in Bhadohi, where the directors of a fake mutual benefit company allegedly duped investors of over ₹93 crore before fleeing. The company’s office in Gyanpur now hangs locked, leaving victims without answers.
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The Scam Unfolds
According to police, Very Well Mutual Benefit Nidhi Limited lured investors with promises of doubling their money through fixed deposits and other schemes. After company head Kripa Shankar’s death, his wife Asha Devi, sons Ravi Anand, Akshay, Suraj, and Aman, along with other directors, allegedly continued operations and collected nearly ₹93 crore.
When depositors tried to withdraw their matured funds on June 25, they found the Gyanpur office locked and directors missing.
FIR and Charges
A case has been registered at Gyanpur police station under BNS Section 314(4) (dishonest misappropriation of property). The FIR names 15 directors, including Suhail Ahmad, Anand Srivastava, Daya Shankar, Vimlesh Maurya, Ramesh Maurya, Ved Prakash, Rakesh Verma, Subedar Pal, and Suresh Yadav.
Investigations revealed the company did not have an official account. Instead, the accused allegedly used a shell entity, Micro Credit Foundation, to open an account in Indian Bank’s Gyanpur branch. Investor funds were diverted into this account and reportedly used for personal property purchases.
Victims Speak Out
Complainant Rajesh Kumar Maurya and other investors have accused the directors of leveraging their political and social clout in the district to evade accountability. Victims are now demanding confiscation of the accused’s properties to recover their investments.
Police Response
Superintendent of Police Abhimanyu Manglik confirmed that the case has been handed to the Gyanpur SHO for investigation. “Strict action will be taken against those responsible,” he assured, adding that assets acquired through fraudulent funds may be seized.
The Bigger Picture
The case highlights the growing menace of fraudulent “mutual benefit” schemes in smaller towns, where financial illiteracy and trust in local influencers make investors vulnerable. Experts say strong regulatory checks and awareness drives are needed to prevent such large-scale scams.