Indore (Madhya Pradesh): The city crime branch on Friday raided a fake advisory firm and arrested four people, including the firm’s director, for duping people in the name of investment in share market. The accused had also taken bank accounts of some people on a commission to receive the amount from their victims.
Additional DCP (crime) Rajesh Dandotiya said that a man from Badnawar in Dhar district had lodged a complaint that he had received a call from a person, who posed as an official from Honest Technology advisory firm. The caller said the complainant could earn good returns by investing his money in shares through his firm.
The accused received money from the complainant through the UPI platform but did not invest the money in the market. When the complainant asked him to return the money with profit, the man started misleading him. A case was registered against the accused under various sections of BNS.
After that, the crime branch raided the office in Krishna Business Centre and asked the owner to show the SEBI registration. The owner Amit Khanduja of Pardeshipura could not show the document and was arrested along with Rahul Chowdhary of Dewas, Mahipal Singh of Dewas and manager Suraj Malviya of MR -11 area of the city.
Eighteen phones, 6 laptops, 2 CPUs and fake SIM cards were seized from the office. Amit is an MBA and earlier he worked with a company. He was operating the advisory firm for a few months. Rahul is an engineer. The accused allegedly informed the police that they had contacted more than 800 people in a year and duped many of them.
They had received the money from their victims in the bank accounts taken from some people on a commission of 10 percent. They used to make phone calls to people from virtual numbers, using a software. Most of their victims were from other cities and states. The accused are being interrogated further.
