Sagar (Madhya Pradesh): The Sagar police have busted an international gang which cheated people in the name of investment in share trading and seized Rs 5.25 crore deposited in various banks, official sources said on Thursday. They also arrested three cheats.
Superintendent of police from Sagar, Tarun Nayak,said a resident of Sagar, Vaibhav Kumar Gupta,complained on October 31 this year that he had been duped of crores of rupees.
According to the complainant, he had received a call from an unknown number asking him to invest in share trading.
Initially, he invested Rs 8,000 and earned good profits. When Gupta invested Rs 1.70 crore in company, he was promised that he would get Rs 40 lakh.
After a while,when he needed Rs 40 lakh and asked the company officials to pay back the money, the officials demanded a fee of Rs 10 lakh.
When the complainant mounted pressure the company to repay the amount, the officials began to offer excuses. Gupta felt he had been cheated and filed a complaint.
A team was formed and, with the help of technical team, they raided different localities in Surat, Gujarat.
They arrested three cheats, Sabbir Akukada (37), Riyaz Patel (28) and Rais Miyan (41).
The police have seized 21 SIM cards, 28 ATMs, nine passbooks, 17 cheque books, eight mobile phones, papers of four shell companies and other documents from the trio.
The police came to know that two others, Avesh Agadi and Sunil Kumar, both natives of Surat, are operating from Dubai. Both of them are on lam.
How the frauds operated
The trio lured people for investing money in their share trading company. Initially, they used to give huge profit, and when the investors fell into their trap, cheats asked them to invest more. They transferred the money to Dubai through shell companies, and it came back to Surat in the form crypto currency.
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