Indore: Crime branch on Wednesday raided seven advisory companies being run in Vijay Nagar area and sealed their offices. The complaints were received that the some of the companies indulged in duping people in the name of investing their money in the market to earn more profit in less time. Many companies had hired inexperienced and ineligible employees.
On the instruction of senior police officials, a team of crime branch was formed to investigate the role of advisory companies in the city. The team started their work when they received information that some companies are violating the rules of SEBI. Moreover, the some of them are cheating with people by starting company offices on wrong addresses.
Additional Superintendent of Police (crime) Rajesh Dandotiya said that seven companies named Money Secure Investor, Investor Research and Advisory, Arrive Investment Advisor, Money Market Manthan, Future Investment, Well Creator and Research Infotech Advisory located in Vijay Nagar area were raided following the complaints. Many of the companies have duped the people in the name of investing their money in the market. Investigation is on into the case.
Dandotiya said that the company offices have been sealed and their documents are being examined. The case will be registered against the company owners if their role found in duping people.