Indore (Madhya Pradesh): Five men—owners of three advisory companies—were arrested by STF personnel in three separate raids for operating the companies without registering them with the Securities and Exchange Board of India (SEBI). The accused have carried out frauds of a total of Rs 47 lakh. They have duped investors from the state, as well as from other states.
STF (SP) Manish Khatri said that the team, led by DSP Sonu Kurmi, raided the three advisory companies located in different areas of the city. STF officials said that a complaint was received that Market Spartan in the Geeta Bhawan area is unregistered advisory company. The team of STF raided the company’s office and arrested the two operators of the company, Pawan Muramkar and Adarsh Jain. The two have duped investors to the tune of Rs 14.35 lakh in the guise of investment in trading. In the drive, the STF seized more than 16 mobile phones and 13 computer systems that were used by the accused for duping people and operating such underhand business. The STF also seized a gold chain from the accused, Pawan Muramkar, which he had bought by doing fraudulent dealings with his clients.
Another raid was conducted at Star Enterprises, near Bengali Square, in which the STF arrested its operator, Aakash, who has duped investors to the tune of Rs 14 lakh. STF officials said that this company, too, did not have a registered gumashta certificate (business licence). The STF seized 1 CPU and five mobile phones from the office.
The STF raided yet another company which was unnamed and being operated by Arvind Pal and Bharat Rathore in a building near Bengali Square. The accused have cheated their investors to the tune of Rs 17.5 lakh. They have duped people from Rajkot and Ahmedabad, in Gujarat, and from other places. The STF seized two computers and six mobile phones from them.
STF officials said that the three companies were not registered with SEBI and were being operated illegally. In total, the three companies owned by the five people have duped people to the tune of Rs 47.35 lakh. They have duped people from all over India. The STF seized 16 computers and 27 mobile phones. The STF are interrogating the accused and the people employed in the company to find out about how many people they have duped and other such details. The accused are in police remand.