EOW arrests director of real estate firm in ₹100-crore investment fraud
EOW arrests director of real estate firm in ₹100-crore investment fraud
EOW arrests director of real estate – The Economic Offences Wing (EOW) of the Uttar Pradesh Police has detained Mahipal Singh, a key figure at Karmabhoomi Real Estate Company Limited, in relation to a suspected investment scam involving approximately ₹100 crore. The arrest, made in Mathura on Saturday, was part of a targeted operation against individuals involved in economic crimes, as stated by authorities.
Mahipal Singh, 50, resides in Chhatikara, Mathura district, and was apprehended by the EOW’s Kanpur Sector team. The investigation centers on charges of criminal breach of trust, forgery, misuse of official documents, and criminal conspiracy. Officials confirmed his involvement in the scheme that impacted numerous investors across multiple districts.
Fraudulent Operations
Between 2011 and 2015, the real estate firm, registered in Kanpur, allegedly established operations in Mathura, Kanpur, Bijnor, Moradabad, Shahjahanpur, and Lakhimpur Kheri. It promised investors a return of double their capital within a short timeframe and offered plots and flats at reduced rates to attract deposits.
Investors were misled by the company’s assurances, yet they did not receive the promised properties or their original investments back. Mahipal Singh and five other directors are suspected of orchestrating the misappropriation of funds before discontinuing business and disappearing, as per the investigation report.
Government Action
A probe initiated by the Uttar Pradesh government led to the filing of a case against six directors. During the inquiry, officials uncovered evidence that the accused defrauded investors through deceptive tactics, diverting the collected money for personal benefit.
The EOW is currently processing legal cases against the arrested individuals. Simultaneously, efforts are ongoing to locate and detain the remaining five co-accused, who are believed to have played a role in the scheme’s execution. The agency remains committed to pursuing justice in this financial misconduct case.