The Uttar Pradesh Police Economic Offences Wing has arrested Madhumita Kaur, director and chief executive officer of V-Care Multitrade Private Limited, in an alleged ₹250-crore insurance and investment fraud involving hundreds of investors across four states.
Kaur was arrested from the Argora police station area of Ranchi in Jharkhand during an investigation linked to a case registered at Krishna Nagar police station in Lucknow. After securing transit remand from a Ranchi court, investigators brought her to Lucknow and produced her before a local court, according to the Economic Offences Wing.
The investigation has so far identified 26 criminal cases against Kaur and other individuals associated with the company. The cases have been registered in Uttar Pradesh, Uttarakhand, Bihar and Jharkhand, indicating that the alleged operation extended beyond the company’s regional base in Lucknow.
V-Care Multitrade Private Limited was registered in Delhi and Haryana in 2008-09 and later established a regional office in Lucknow’s Krishna Nagar area. Investigators allege that the company persuaded customers to purchase insurance policies from leading insurers by promising them lucrative returns.
According to the EOW, the company allegedly misappropriated customer funds before shutting its offices and disappearing. The allegations have left investors facing losses, although the precise amount recovered and the total number of affected customers have not been disclosed in the supplied report.
Investigators also suspect that the company used a referral-based model to expand its customer base. Under the alleged arrangement, customers were promised that the company would pay their second-year insurance premiums if they introduced new investors. The EOW suspects that this structure helped generate commissions and enabled the diversion of investor funds.
The case highlights the difficulties faced by investigators when alleged financial operations span multiple states and involve insurance products, investment promises and referral networks. The Lucknow case is being examined alongside complaints and criminal cases registered in the other states.
The Economic Offences Wing is continuing its investigation to determine the roles of other accused individuals and trace the money allegedly siphoned from investors. Further action will depend on the findings of the ongoing probe and the court proceedings.
