Major Financial Frauds Unveiled: The Arrest of Key Culprits

The Economic Offences Wing (EOW) of Uttar Pradesh Police arrested individuals involved in significant financial frauds with Pearls Agrotech Corporation Ltd (PACL) and V-Care Multitrade Pvt. Ltd. These companies defrauded investors in multiple states, collecting thousands of crores under false pretenses and absconding with the funds.

The Uttar Pradesh Police's Economic Offences Wing (EOW) has made substantial arrests in pivotal financial fraud cases, where individuals defrauded investors of thousands of crores, officials announced on Thursday.

PACL operator Gurnam Singh was apprehended in Punjab. Singh's company collected Rs 49,000 crore from investors by promoting schemes and promising land plots in return, without fulfilling them. The firm operated in ten states without a Non-Banking Financial Company (NBFC) registration.

The investigation led to an FIR in Kanpur, revealing multiple legal breaches under the Indian Penal Code. Meanwhile, EOW also arrested Prem Prakash Singh for a Rs 250 crore fraud linked to V-Care Multitrade Pvt. Ltd, highlighting systemic fraud facilitated through deceptive insurance policies.

(With inputs from agencies.)