Hardoi: Police in Uttar Pradesh’s Hardoi district have registered a criminal case against five individuals in connection with an alleged investment fraud estimated at around ₹50 crore. The case was registered following a complaint filed by Kamal Prakash Kushwaha, who alleged that investors were induced to invest large sums of money through attractive return schemes promoted by two companies. The accused allegedly promised high monthly returns, complimentary Goa tours and residential plots before discontinuing payments.
According to the police complaint, the accused have been identified as Jai Prakash Maurya, Managing Director of the company, along with Asha Devi, Devendra Maurya, Neetika Maurya and Dayashankar Maurya, all residents of Lakhimpur Kheri district. A case has been registered against them under relevant provisions relating to cheating and other applicable offences, and further investigation is underway.
The complaint alleges that the accused operated investment schemes through entities named Bombitex Exchange and Bmax Realty. Prospective investors were reportedly assured 7.5% monthly returns, along with incentives such as Goa holiday packages and residential plots in Lucknow to encourage larger investments. These assurances allegedly persuaded numerous individuals to invest substantial amounts.
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Investigators said the accused allegedly organised promotional seminars in Hardoi, Sitapur, Lakhimpur Kheri and Lucknow, where they presented the investment schemes and encouraged members of the public to participate. According to the complaint, once significant funds had been collected, the companies allegedly stopped making the promised payments, leaving investors unable to recover either their returns or their principal investments.
The complaint cites multiple victims who allegedly suffered financial losses. Among them, Amit Bhadauria and his associates reportedly lost around ₹50 lakh, Kamal Prakash Kushwaha and his associates allegedly lost ₹35 lakh, while Anurag, Kanhaiyalal and Anirudh, and Abhishek Kumar and his associates are each reported to have lost approximately ₹5 lakh. Investigators believe the total amount involved across all affected investors may be close to ₹50 crore.
Police are now examining the companies’ financial records, banking transactions, promotional material and investment documents to determine the flow of funds and identify the full extent of the alleged fraud. Investigators are also verifying the number of investors involved, the nature of the investment schemes and whether additional individuals or entities played a role in the operation.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that investment frauds often rely on unrealistic return promises and persuasive marketing to attract victims. He advised investors to exercise caution whenever any scheme guarantees unusually high or fixed returns with little or no risk. He also recommended verifying the legal status, regulatory compliance and business credentials of any investment platform before transferring funds, and ensuring that all financial transactions are conducted through traceable banking channels with proper documentation.
The investigation is continuing, and authorities have not yet reached any final conclusions regarding the allegations. Further legal action will depend on the evidence collected during the investigation, including financial records, documentary evidence and statements of the complainants and the accused. At present, the allegations remain under investigation and will be examined through the due legal process.
