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 case 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 EOW.
The investigation has so far identified 26 criminal cases against Kaur and other people 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 Lucknow activities.
According to investigators, 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. The company allegedly attracted customers by encouraging them to purchase insurance policies from leading insurers while promising lucrative returns.
The EOW has alleged that the company misappropriated customer funds before shutting its offices and disappearing. Investigators also identified a referral-based model through which customers were allegedly promised that the company would pay their second-year insurance premiums if they brought in new investors.
The agency suspects that this arrangement helped the firm expand its customer base, generate commissions and divert investor funds. The allegations have not been established in court, and the investigation remains ongoing.
The case highlights the administrative challenge of tracing investment-linked fraud when companies operate across state boundaries and attract customers through local offices and referral networks. In this matter, the investigation involves police authorities in four states, while the Lucknow case is being examined by the Uttar Pradesh EOW.
Investigators are now working to identify the roles of other accused people associated with the company and trace the money allegedly siphoned from investors. Further legal proceedings will follow as the probe progresses.
