An extensive embezzlement scheme amounting to approximately 6 crore rupees has come to light, implicating the late V P Srivastava, a well-respected post office agent from Daraganj, and his family.
Investigators uncovered the fraudulent activities involving various postal savings schemes after Srivastava’s son, Nikhil Srivastava, died two months ago.
The Srivastava family, known for their deep involvement with the local community, exploited the trust of numerous investors by misappropriating funds intended for savings schemes such as the Kisan Vikas Patra, National Savings Certificate, and Monthly Income Scheme.
V P Srivastava, who passed away, had built a solid reputation for facilitating postal savings schemes for thousands of residents from Daraganj and nearby localities.
Clients entrusted him with large sums of money, often not feeling the need to verify their accounts directly at the post office due to his impeccable service and reliability.
Following V P Srivastava’s death, his son Nikhil took over the agency. Riding on his father’s credibility, Nikhil continued to receive substantial amounts of money from local residents.
However, investigators later discovered that he provided fake passbooks and account numbers instead of depositing the funds into the designated postal schemes.
The fraudulent activities began to unravel in 2018 when a customer noticed discrepancies in the schemes they had invested in.
One such incident involved an investor who paid for a National Savings Certificate (NSC), only to receive a Kisan Vikas Patra instead.
Upon filing a complaint, Nikhil’s agency was canceled, yet he managed to circumvent further investigation by transferring the agency to his sister Neeti’s name, continuing the operations undetected.
Nikhil’s influence within the postal department allowed him to maintain the facade of legitimacy.
He ensured trust by regularly paying out interest and returns to investors, keeping the scheme afloat and undetected for years.
Major Postal Savings Scam Unveiled After Fraudster’s Death
The scam finally came to light after Nikhil Srivastava’s death in April 2024.
As he fell ill and stopped issuing returns, investors began approaching the post office, only to discover that there were no records of their investments.
Among the victims were Shiv Babu Chaurasia, who invested Rs 59 lakh, Balram Yadav with Rs 16 lakh, and Krishna Mahendru with Rs 7.5 lakh.
Mrs. Mahendru, who treated Nikhil like her son, revealed that she had consistently received interest payments until recently.
When payments ceased, her inquiries at the post office confirmed the absence of any accounts in her name.
In a heartbreaking confession just two days before his death, Nikhil admitted to Mrs. Mahendru that he had committed fraud.
Following the complaints from nearly 40 victims, the Director of Posts has initiated an investigation by forming a special team comprising seven Assistant Postal Superintendents (ASP).
This team is tasked with thoroughly investigating the extent of the embezzlement and identifying any additional victims.
The revelation of this decade-long scam has left the Daraganj community in shock and highlights the vulnerabilities in the oversight mechanisms of postal savings schemes.
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