Lucknow: The Economic Offences Wing (EOW) of UP Police on Friday arrested a businessman Shailesh Kumar Upadhyay from Gorakhpur in connection with an ongoing campaign to apprehend individuals involved in fraudulent investment schemes that duped investors of crores of rupees.Upadhyay, currently residing in Benajhabar in Kanpur Nagar, was originally from Raunapar village, Gorakhpur. He was a director of M/s Pears Allied Corporation Limited (registered with ROC Delhi and Haryana). The company, led by CMD Durga Prasad Dubey, along with other directors and employees, allegedly operated branches in Bijnor and other districts without NBFC registration under RBI norms. Investors were lured with promises of doubling or tripling their funds in a short time through the company’s RD (IBP) and FD (SIP) schemes. Probe revealed that the company directors issued fabricated bonds and receipts to investors while misappropriating approximately Rs 14 crore of invested funds. Subsequently, the company offices and branches were shut, and the directors absconded. The initial complaint was registered at Alambagh police station, Lucknow, under sections 409, 420, 467, 468, 471, and 120B IPC. Following preliminary investigations, the case was handed over to the EOW. The EOW investigation identified 13 accused as culpable, with the arrest of Shailesh Kumar Upadhyay marking a key breakthrough. Efforts are on to apprehend the remaining fugitives. Officials said tracing the company’s remaining assets and recovering investor funds was on.
