Indore: Crime branch on Thursday booked the directors of four advisory companies for duping people in the name of investing their money in stock market. Three owners of three companies were arrested while search is on for three other owners of the fourth company.
The money which was duped by the accused was frozen in the bank accounts of the accused.
On the directives of senior officials, a team led by ASP (crime) Rajesh Dandotiya raided the offices of seven advisory companies following complaint against them on Wednesday.
The complaints were lodged by Navin Kumar of Banswara Rajasthan, Ravi Kumar of Gujarat, Sushil Kumar, Deepak Tayde , Ankit Tiwari, Mallikarjun Kumar and Dheeraj Kumar.
According to the complainants, the companies being run in Vijay Nagar area are duping people in the name of investing their money in the market on their behalf.
ASP Dandotiya said that company owners were not following directives of SEBI. The owners were running their companies on false addresses. Contrary to provisions, the companies didn’t open demat accounts and neither did they return their money.
The crime branch took action against Arrive Investment, Money Market Manthan, Money Secure Investment and Investors Research Advisory. The employees of the companies are also being questioned by the crime branch.
The crime branch arrested the owner of Arrive Investment Company, Rajkumar Singh Kushwah, Owner of Money Market, Manthan Vicky, Kanwariya, and owner of Investors Research Advisory, Amit Gangarade. They were booked under 418, 419, 420, 406 of the IPC and other relevant section.
The owners of Money Secure Investment Alka Shrivastav, Manish Lalwani and Mahesh Patel were also booked but they couldn’t be arrested till the filing of the report.