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₹250-cr insurance scam: EOW nabs fugitive after 10-year hunt
According to EOW director general Neera Rawat, the company, V-Care Multitrade Pvt Ltd, allegedly misappropriated approximately ₹250 crore collected from investors by selling insurance policies of different companies between 2011 and 2015.
The Economic Offences Wing (EOW) of the Uttar Pradesh Police has arrested a fugitive, Prem Prakash Singh, in connection with a ₹250-crore scam involving V-Care Multitrade Pvt Ltd following a decade-long manhunt from Kolkata, West Bengal, officials said on Thursday.
According to EOW director general Neera Rawat, the company allegedly misappropriated approximately ₹250 crore collected from investors by selling insurance policies of different companies between 2011 and 2015.
“When the investors began demanding their money back, the company officials closed their offices and went underground. A total of 26 cases were registered against the company at Krishna Nagar and Ashiyana police stations in Lucknow,” she stated.
Another EOW official said that they took over the investigation on November 3, 2015, and found 23 accused guilty in the scam.
“Of them, 19 were arrested and charge-sheeted. One accused died during investigation while Prem Prakash Singh remained absconding all these years. Efforts are ongoing to apprehend the remaining two accused,” he added.
He further explained that V-Care Multitrade Pvt Ltd was registered in 2008-09 under the Companies Act, 1956, with its registered office located at A-53, Prashant Vihar, New Delhi. The company allegedly sold policies of Reliance Life Insurance, Future Generali Life Insurance and Aegon Life Insurance while luring investors with false promises of high returns and additional benefits.
