Lucknow: The Economic Offences Wing (EOW) on Thursday said it arrested three people allegedly linked to Green Ray International Company in connection with a ₹78 crore financial fraud and embezzlement case registered in Moradabad on Thursday.The accused were identified as Furqan Ahmed, Firasat Ali and Ibrahim Saifi. EOW officials said all three were wanted in the case and were arrested from different areas of Moradabad district.While Furqan Ahmed was arrested from the Katghar police station area, Firasat Ali was arrested from the Mundhapande area. Ibrahim Saifi was arrested from the Bhojpur police station area.According to the EOW, directors and agents of Green Ray International allegedly lured people into investing money by promising to double investments within a short period through multiple schemes. Investigators said a large number of people invested after being attracted by the offers.The agency alleged the company’s directors and agents acted in collusion and, as part of a planned conspiracy, collected money from investors while occasionally issuing refunds to keep confidence intact. The company allegedly also targeted unemployed youths, encouraging them to join as investors or customers to mobilise larger sums.EOW said the operators later misappropriated about ₹78 crore, distributed the proceeds among themselves, shut down the company and fled.Officials added that cases linked to the Green Ray International Group of Companies have also been registered in several districts and police stations in Odisha and West Bengal, and that investigations there are being conducted by the Central Bureau of Investigation.
