CID arrests two directors of Galaxy Group from Lucknow

PUNE: The Maharashtra Criminal Investigation Department (CID) and Uttar Pradesh Anti Terrorism Squad (ATS) arrested directors of the Galaxy Group on Friday from Lucknow. The two directors of the company had been allegedly absconding for the past 20 years.
The CID arrested the directors Satishchandra Bhagwati Mishra (65) and Ramkrishna Dubey (58) both of whom residents of Kabirnagar in Khalilabad.
The other accused who have been on the hit list of CID — UP residents Pramodkunar Ganga Pande, Amodkumar Pande, Ghanshyam Pande, Maiftullah Abdul Majid Khan, Rahefirdaus Abdul Majid Siddique and Satendra Varisht Tripathi — are still absconding.
The Galaxy Group of builders had allegedly duped people at 26 places in Madhya Pradesh, Uttar Pradesh, Rajasthan and Maharashtra where offences were registered against them.
The CID officials said that the accused had allegedly duped citizens of over Rs 7 crore.
According to the police, the Galaxy Group and its five sub companies were registered at Lucknow. In Maharashtra, they had 105 branches. The company and its directors had allegedly cheated citizens stating they would give double interests on their investments; however, they duped the investors of their money.
The CID investigations has showed that the five sub companies of the Galaxy Group were non-banking companies and weren’t even with the NBFC. The companies allegedly had no power to seek investments or deposit money of investors.
The CID has so far seized Rs 4.86 crore of the money that investors had allegedly lost in the case. Residents of Wardha, Yavatmal, Nasik, Bhandara, Amravati, Chandrapur, Beed, Latur, Kolahpur and Ratnagiri had lost money in the scam.


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