After remaining absconding for 9 years, Rohit Kumar Upadhyay, the alleged mastermind behind a ₹14 crore investment fraud, has been arrested by the Economic Offences Wing (EOW) from Kharagpur, West Bengal. The case was registered in 2017 at the Alambagh police station in Lucknow under charges including criminal breach of trust, cheating, forgery, and criminal conspiracy.
According to investigators, Upadhyay operated a multi-state investment fraud that targeted retail investors in Delhi, Haryana, Kanpur, Basti, and other locations. A native of Khairiya Bazaar in Uttar Pradesh’s Basti district, he allegedly managed the network through companies registered as M/s Pears Allied Corporation Limited and M/s DPears Allied Corporation Limited. The firms opened branch offices across several districts to create a sense of legitimacy and gain public trust.
The companies collected public deposits by promoting Recurring Deposit and Fixed Deposit schemes, promising investors that their money would double or triple within a short period. Investigators found that these businesses operated without the mandatory registration and approvals required from the Reserve Bank of India (RBI) to function as Non-Banking Financial Companies.
The investigation revealed that the accused used forged bonds, fake receipts, and counterfeit documents to convince investors. Initially, the group paid small returns to early investors, encouraging more people to invest through word-of-mouth recommendations.
After collecting large amounts of money, the organization reportedly shut down its branch offices in Lucknow, Bijnor, and nearby districts overnight. Investors later found the offices abandoned, helpline numbers disconnected, and company officials untraceable, leading to multiple police complaints.
The EOW also found that Upadhyay is wanted by Bihar Police in connection with similar financial fraud cases. Investigators are now tracing the movement of the allegedly diverted funds, examining recovered digital records and corporate documents, and identifying other individuals involved in the operation.
Financial compliance experts have advised citizens to remain cautious of private investment schemes that promise unusually high guaranteed returns. They recommend verifying whether financial companies are registered with the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI) before making any investments and reporting suspicious entities to enforcement authorities.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.