The Economic Offences Wing (EOW), Uttar Pradesh, has arrested two key accused in a case of massive financial fraud involving embezzlement of over ₹50 crore.
The case originated in the Lakhimpur Kheri district, from where the accused operated under the banner of companies, including Infocare Infrantal, Infocare Agro India Ltd., ICCF, and Infocare Agriculture Multistate Co-operative Society Ltd.
These entities opened branches in the region and lured investors into depositing large sums under various schemes, including Fixed Deposits (FDs) and Recurring Deposits (RDs). After collecting more than ₹50 crore, the directors of the company absconded with the money.
An FIR was registered at Palia Police Station, Lakhimpur Kheri, under Case No. 121/2018, under Sections 406 and 420 of the IPC. The investigation was later transferred to the EOW by a government order in July 5, 2021.
Following an in-depth investigation, the EOW identified the accused as Ravi Dewal, Manish Dewal, residents of 244 N-2 Road, Harjendra Nagar, Lal Bangla, Police Station Chakeri, Kanpur Nagar. The brothers were found guilty under IPC Sections 409, 420, 467, 468, 471, and 120B. Despite continuous efforts, the accused had been absconding to evade arrest.
Acting on intelligence, the EOW Lucknow team successfully apprehended both accused from the Chakeri area in Kanpur Nagar on Tuesday.