Amar Jyoti Chit Fund Scam: Two Key Accused Arrested In Budaun

RNI Budaun: In a major breakthrough in the multi-crore Amar Jyoti chit fund scam, the Budaun Police, in coordination with the Noida unit of the Uttar Pradesh Special Task Force (STF), arrested two key accused, brothers Shashikant Maurya and Suryakant Maurya, on Monday.

The duo, residents of Katra Chand Khan in Bareilly, allegedly operated Amar Jyoti Universal Nidhi Limited from Budaun and Bareilly and collected deposits from investors by promising lucrative returns and quick doubling of their money.

According to police, the company mobilised funds through agents in the name of recurring deposits (RDs) and fixed deposits (FDs). Around 15,000 investors, including members of the public and lawyers, are believed to have been affected. The alleged fraud is estimated at more than Rs 200 crore.

SSP Ankita Sharma said five cases had been registered in Budaun and four in Bareilly in connection with the alleged financial fraud. The brothers had been declared wanted, with the DIG Bareilly Range announcing a reward of Rs 50,000 each for information leading to their arrest.

The accused had reportedly remained absconding after allegedly collecting substantial amounts from investors. Police had earlier arrested several agents allegedly associated with the company and intensified efforts to trace the brothers.

Their arrest followed a coordinated investigation by the local police and STF. The two were apprehended on September 7, following which further legal proceedings were initiated.

Investigators are now focusing on tracing the money allegedly collected from investors, identifying the financial trail and locating assets linked to the accused. Police are also probing the possible involvement of other persons in the alleged scam.

For thousands of investors awaiting recovery of their savings, the arrests are being seen as a significant development in the long-running case.