A massive financial fraud has rocked Uttar Pradesh’s Bhadohi district, where directors of a sham company, Very Well Mutual Benefit Nidhi Limited, allegedly swindled over Rs 93 crore from investors before vanishing, police reported Thursday. The scandal, exposed after investors found the company’s office shuttered, has led to an FIR against 15 directors under Bharatiya Nyaya Sanhita section 314(4) for dishonest misappropriation of property.

The complaint, filed by employee Rajesh Kumar Maurya at Gyanpur police station on Wednesday, names Kripa Shankar, his wife Asha Devi, their sons Ravi Anand, Akshay, Suraj, and Aman, along with accomplices Suhail Ahmad, Anand Srivastava, Daya Shankar, Vimlesh Maurya, Ramesh Maurya, Ved Prakash, Rakesh Verma, Subedar Pal, and Suresh Yadav. The group allegedly lured investors with promises of doubling their money through fixed deposits and other schemes.

Following Kripa Shankar’s death, his family and associates reportedly continued operations, amassing Rs 93 crore. On June 25, investors attempting to withdraw matured deposits found the Gyanpur office locked and the directors gone. Investigations revealed the company operated without an official bank account, instead funneling funds through a front entity, Micro Credit Foundation, into an Indian Bank account in Gyanpur. Authorities allege the directors siphoned off investors’ money to buy properties in their names.

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Maurya’s complaint claims the accused wielded significant political and social clout in Bhadohi, making their disappearance even more alarming. He demanded the attachment of their properties to recover the defrauded funds. Superintendent of Police Abhimanyu Manglik confirmed that the investigation has been assigned to the Gyanpur Station House Officer, vowing strict action against the culprits. As the probe intensifies, the scandal has left investors reeling and raised urgent questions about regulatory oversight in the region.

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