Police arrested advisory operators Ajay Panwar and Shashi Malviya. Twelve others, including partners Chandan Bhadauria and Vinay Rathore, are absconding. Four police teams, in collaboration with the crime branch, raided Research Mart Limited (operating above Kuber Hotel), Stock Research and Bullish India, Money Magnet Research Limited (at A.K. Building Chowraha), Choice Broking Firm (in the Teen Batti area), and Angel One Limited (operating on Shankh Marg). All the accused were subsequently taken into custody.
30% Commission
Luring people with the promise of high profits in the share market, the telecallers used fraudulent apps to open demat accounts. These fraudulent accounts were managed to deceive investors, and in case of losses, the entire amount was appropriated. Even if investors used pre-existing demat accounts, a 30% commission was charged before investing in any share. This operation had been running in the city for a considerable time, surprisingly evading police attention until now.150 Mobiles, 25 Laptops
Police seized 150 mobile phones, 25 laptops, fraudulent documents, Demat account details, and a list of investors’ mobile numbers. No SEBI license was found on any of the accused. The police have also discovered evidence of transactions worth lakhs of rupees in the accounts. “ “A racket defrauding people under the guise of advisory services has been busted. Two operators have been arrested. Documents related to transactions worth lakhs of rupees have been seized. Several victims have been identified.
-Pradeep Sharma, SP
-Pradeep Sharma, SP
