In a major development, the Economic Offences Wing (EOW) has arrested Prem Prakash Singh (50), the alleged kingpin of the Rs250 crore V-Care Multitrade Pvt Ltd scam. Singh, who had been absconding for years, was nabbed in Kolkata on Wednesday by EOW officials after extensive tracking.
V-Care Multitrade Pvt Ltd, registered under the Companies Act in 2008–09, operated from Prashant Vihar, New Delhi, and had regional offices, including Krishnanagar, Lucknow.
The company lured investors with fake promises of high returns through life insurance policy purchases. Customers were falsely assured of multiple financial benefits, leading to widespread public investment. The company then shut down operations and disappeared with nearly Rs250 crore, leaving thousands defrauded.
26 FIRs were filed at Krishna Nagar and Ashiyana police stations in Lucknow.
In 2015, the Uttar Pradesh government transferred the investigation to the EOW in Lucknow.
The probe identified 23 people as accused:
19 arrested and chargesheeted
1 declared deceased
3 remained absconding, including Prem Prakash Singh
Singh, a resident of Ranchi, Jharkhand, and son of Shivdayal Singh, had evaded arrest for years. His apprehension marks a major milestone in cracking one of the largest financial frauds in UP’s history.
EOW officials confirmed Singh’s arrest from Kolkata, where he had been hiding under various aliases. Efforts are underway to track assets and recover investor money.
