A major financial fraud case has taken a decisive turn after the Economic Offences Wing (EOW) arrested Manju Dubey alias Manju Upadhyay, additional director of Pierce Allied Corporation Limited, in connection with an alleged ₹14 crore embezzlement linked to fraudulent investment schemes. Investigators said the company opened branches across several districts of Uttar Pradesh and collected money from investors by promising to double or triple their funds. After gathering deposits, the firm allegedly shut its offices and disappeared.
Dubey, originally from Deoria and currently residing in Kanpur, held a key role in the company’s operations. EOW officials said evidence of her involvement in the diversion of funds surfaced during the investigation, after which she was placed under surveillance. She was arrested from Lucknow on Thursday. The case was first registered at Alambagh police station and later transferred to the EOW on government orders due to the scale of the fraud and the large number of victims.
The probe revealed that deposits were mobilised through agents and local offices by offering unusually high returns within short maturity periods to attract investors. Once the promised tenure ended and investors sought repayment, company officials and staff allegedly shut down operations and went absconding. So far, 13 accused have been identified during the investigation and efforts are ongoing to arrest the remaining suspects. Authorities are examining bank accounts, transaction details and the agent network to trace the money trail. Assets linked to the accused are also being identified for possible attachment to recover investor funds.
Officials are mapping the districts where the company operated and preparing a consolidated list of affected investors. They believe both the total amount siphoned off and the number of victims could rise as more complaints are filed. Experts cautioned that such schemes often lure people with unrealistic return promises without regulatory approval. Investors are advised to verify company registration, check approvals from regulators like RBI or SEBI and complete proper documentation before investing. The EOW has urged citizens to report suspicious investment offers and said further legal and financial action will continue to safeguard investor interests.
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