The Economic Offences Wing (EOW), Lucknow, on Friday arrested a long-absconding accused in connection with a chit fund fraud linked to the Lehgna Web World Company of Kanpur Nagar, officials said.
The accused has been identified as Shailendra Tiwari, a resident of Yashodanagar in Kanpur. His arrest is part of the EOW’s ongoing drive to track down wanted individuals involved in economic crimes.
Investigators said the Lehgna Web World Company, a chit fund investment firm, opened its office in Kanpur Nagar in 2011. The company allegedly lured investors by promising to double their money within 12 months. Relying on these assurances, the firm collected nearly Rs 48 lakh from the public. However, in 2012, the company abruptly shut down its office, and its operators reportedly fled without returning the investors’ money or paying the promised returns.
Following complaints from aggrieved investors, an FIR was registered, and the case was initially investigated at the district level before being transferred to the EOW on July 3, 2012.
EOW officials said their investigation had identified seven accused as culpable in the fraud. While action had already been taken against four of them, three accused, including Shailendra Tiwari, had remained absconding for years until now.
With Tiwari in custody, the EOW continues its probe to trace the remaining absconding accused and recover funds lost by investors.
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