Employees of advisory firm
arrested by STF in Indore
Employees of advisory firm arrested by STF in Indore

Indore: In a major operation, the Special Task Force (STF) team raided an advisory company in Malwa Mill area and arrested the owner and 47 employees including 13 women from there on Wednesday. The accused used to mislead the people in the name of investment in the share market and cheat them.

STF SP Padma Vilochan Shukla said following complaints they raided Rapid Research Technologies Advisory Company with offices in Mehta Mansion near Malwa Mill intersection on Wednesday afternoon.

The team arrested owner Arun Khandelwal, 32, resident of Doodh Talai (Ujjain) and one of his managers Vinod Vishwakarma, while the other manager Jitendra Sarathe managed to escape. The other 46 arrested include the company's area relationship manager, IT head, HR manager, team leader, floor worker and researcher Ajay Jaiswal. The team seized 48 computers, headphones and 46 mobile phones from the company.

SP Shukla said that the employees used to contact people and promise them large profits in the share market. Initially, when the investor gave a small amount, they used to show a profit in his account, but the moment he invested a big amount, they told the investor that he had incurred losses. Many of the employees were just Class 12 pass, though some had graduate and postgraduate degrees. All of them were trained to commit fraud.

The proprietor Arun Khandelwal had a National Institute of Securities Market (NISM) certificate from SEBI and based on the certificate he was operating an advisory company, which is illegal going by the SEBI Advisory Rules 2013, SP Shukla said.

Police have arrested Sunil Nayak, Surendra Shukla, Raju Kumar Jatav, Anwar Qureshi, Akash Singh Parihar, Sonu Goyal, Suhail Khan, Rupesh Soni, Vaishali Singh, Nitesh Yadav, Satya Yadav, Uday Panwar, Mukesh Panwar, Mayuri Chauhan, Radhika Sharma, Rina Malaviya, Jai Gupta, Shubham Kumawat, Megha Chite, Rajal Dangi, Shweta Dangi, Sandeep Singh, Manoj Jatav, Mamta Prajapati, Kanwarpal Jatav, Dhapu Singh, Azhar Qureshi, Rajni Tirale, Ranjit Singh Bais, Mayank Sharma, Sushmita Parmar, Sandeep Singh Solanki, Shubham Kumravat, Krishna Baraskar, Arshad Khan, Abhishek Ganvde, Manish Gupta, Shubham Khandagare, Rashmi Diwakar, Kanwaljit Deshmukh, Saurabh Pandey, Aman Khandelwal, Moni Sharma, Harun Khan, Akash Yadav, Vipul Paliwal, Arun Khandelwal and Jitendra Srathe.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal