Indore: Ten owners and directors of various investment and advisory firms were arrested on Sunday following complaints of duping people and not following SEBI guidelines. Police officials had received more than 50 complaints through Citizen Cop app, emails etc. After that IG Vivek Sharma and DIG Harinarayanachari Mishra instructed their subordinates to take action against such firms.
SP (east) Vijay Khatri, ASP Rajesh Raghuwanshi and ASP (crime) Rajesh Dandotiya constituted a team of 150 police personnel and raided 9 offices of 6 companies on Saturday. During the investigation, police arrested 8 owners of five advisory firms on Sunday.
During the investigation it was found that 8 complaints were received against Frenklin Resarch Investment Advisory in Apollo Tower after which the owner Tarun Chandani and director Alok Kumar were booked by the police. Alok Kumar was arrested by the police during the raid at their office.
Another company named Wealth Research Financial Service was also raided by the police. The company director Manoj Sharma of Bhind was arrested during the police raid while two directors named Chitaranjan Singh and Vishwanath are absconding. Five complaints were received against the company.
The owner of Caps Vision company Ravi Prakash was also arrested by the police team. In all 12 complaints were received against this company. Two more persons named Ashwin Laad and Krishna Nanaware were also arrested by the police.
Nivesh Icon company’s owner Virendra Kumar, director Mohammad Salauddin, data support and compliance manager Priyanka Shah and accountant Sameer Shriwas were booked by the police. Mohammad Salauddin and Priyanka were arrested by the police. Police had received 17 complaints against the company for duping people in the name of investing their money in the market, and promising them high returns.
A company named Capital Life Market Research is registered with the address of Trade House in South Tukoganj but it was being run at a building in Mahalaxmi Nagar. Two complaints were received against this company. Owner of the company Rajeev Sharma, manager Prabhanshu Badgaiya and Brijesh Ojha were arrested during the raid. Two complaints were received against the company.
One more company was raided by the police team. Police found that the company was working under the guidelines of SEBI but the company's trade license was expired so the officials instructed them to get the same soon and follow the guidelines otherwise the action will be taken.