World · India Bureau
Three directors arrested in ₹78 crore investment fraud scheme
Uttar Pradesh's Economic Offences Wing has arrested three directors of Green Ray International for allegedly defrauding investors with promises of doubling their money. The company is also under investigation in Odisha and West Bengal.
LSN India ·
The Economic Offences Wing (EOW) of Uttar Pradesh police arrested three company directors from Moradabad on Wednesday in connection with an investment fraud scheme that allegedly swindled ₹78 crore from multiple investors.
Green Ray International is accused of luring investors with unrealistic promises of doubling their investments within a short timeframe. The company systematically defrauded a large number of people by capitalizing on the attractive returns pitch, according to law enforcement officials.
The arrests come as authorities expand their investigation into the company's operations across multiple states. Similar cases against Green Ray International have been registered in Odisha and West Bengal, indicating the scheme's geographic reach and the scale of alleged fraudulent activity.
The EOW has registered a case under relevant sections related to fraud and cheating. Investigators are examining the company's financial records and investor accounts to determine the full extent of the alleged fraud and identify additional victims. The arrested directors are expected to be produced before a magistrate for further legal proceedings.
The case highlights the continued prevalence of investment frauds in India, where schemes promising quick returns continue to attract victims despite regulatory warnings.