A major banking scam operating for the past four years in Sheetla Chowkiyan Dham, Jaunpur, has been uncovered. The police have arrested Ashok Srivastava, the main accused, who was running a private bank under the name Shri Gajanan Group of Industries. The scam has reportedly resulted in the loss of crores of rupees from local residents.
How the Scam Operated
The Shri Gajanan Group of Industries opened its branch in the Sheetla Chowkiyan area four years ago. Ashok Srivastava employed local youths as agents to attract investors. Promising double returns and monthly refunds, the scheme lured many people into depositing their hard-earned money. However, on November 18, 2024, the bank abruptly shut down, and Ashok Srivastava disappeared, leaving the investors in shock.
Arrest of the Accused
On Monday, Ashok Srivastava was apprehended by the police in Mubarakpur, Azamgarh. Upon learning of his arrest, dozens of victims from Jaunpur rushed to Mubarakpur to file complaints. Subsequently, the Azamgarh police coordinated with their counterparts in Jaunpur. By 8 p.m. on the same day, Srivastava was brought to the Line Bazar police station in Jaunpur for further investigation.
Public Outrage
News of Srivastava’s arrest spread rapidly, creating a stir in the Sheetla Chowkiyan area. Hundreds of account holders gathered at the police station, demanding the return of their money. The police have since taken Srivastava into custody and initiated questioning to uncover the full extent of the scam.
Police Investigation Underway
CO City Ayush Srivastava stated that the Shri Gajanan Group collected money from people by offering high-interest returns. The police are currently registering written complaints from the victims. “The case is under investigation, and further action will be taken after questioning the accused,” he added.
