INDORE: Special Task Force (STF) arrested five people including three managers of three unregistered advisory firms for duping people of around Rs 50 lakh.
Police also recovered 16 computers, 27 mobile phone and other records detailing about fraud of over Rs50 lakh.
The arrested accused are identified as — Pawan Muramkar, 25, Arvind Jain, 29 of Market Spartan, Akash Mandal, 31 of Star Enterprises and Arvind Pal, 22 and Bharat Rathore,25 of registered advisory firm.
“STF team based on information from SEBI raided offices of these unregistered firm situated at Geeta Bhawan and Bangali Square. The accused were duping the people in name of helping them get fixed return from share market investment”, said SP STF Indore Maneesh Khatri.
The first raid was conducted at Geeta Bhawan wherein the STF team arrested Pawan and Adarsh from office of Market Spartan and recovered 16 mobile phones, 13 computers and details of fake bank accounts.
STF team during initial inquiry of Pawan found details of receiving about Rs 14.35 lakh. Police also seized gold chain worth Rs 1.50 lakh purchased by duping people from Rajasthan and other states.
In other raid at Star Enterprises, the team arrested Akash Mandal and recovered five mobile phones, a CPU, a pendrive and details of Rs 14 lakh transaction. Mandal also didn’t make Gumastha for doing business in municipal limits. He had allegedly duped people of Bangalore, Karnataka, Nashik, Aurangabad and Rajasthan.
The third and last action was taken against an unnamed firm office situated at Bangali Square and arrested Arvind and Bharat. The police found details of transaction of Rs 17.50 lakh done by duping people of Rajkot, Ahmedabad, Gujarat, and other states. The STF has taken remand of all five accused of three firms and further inquiry is on.
