FPJ Cyber Secure: VP Road Police Apprehends Stock Broker & Associate In ₹73 Lakh Share Market Fraud Case

The VP Road police have apprehended two alleged accused who defrauded Rs. 73 lakhs under the pretext of providing good returns after investing in the share market. The Free Press Journal published the news on October 23 when the police registered a case of cheating against the stockbroker.

Details of scam

According to information from the V P Road police, the friend of the accused had introduced the complainant to meet Tejas Gadigaonkar. Gadigaonkar claimed to be the director of Bulker Equity LLP, a share investment firm, and assured good returns if investments were made through his company.

Lured by the promise of higher profits, the complainant invested Rs. 73.27 lakh in the year 2019-2020. However, when the victim did not receive the expected returns, he attempted to contact Ghadigaonkar by phone. Unfortunately, the accused did not respond to his calls, leading the victim, Sameer Manjrekar, to approach the police station to lodge an FIR.

Accused produced in court

Upon registering the complaint, V P Road police traced the accused Tejas Gadigaonkar (37) and took him into custody. During interrogation, Gadigaonkar confessed that Vinod Parmar (40) was also involved in the crime, and he was subsequently arrested by the police. The police presented both accused individuals in court on Sunday, where the court remanded them to police custody until January 3.

The police noted that Gadigaonkar had promised a 5% return, and a notarized agreement had been made with Gadigaonkar on behalf of the victim's family. According to the police, Sameer Manjrekar is a senior manager in a private Mutual Funds company.