Indore: Two advisory firms raided, Co-owner among 5 held

Indore: City police raided two advisory companies in Vijay Nagar area and arrested five persons including owner of a company for duping people, on Thursday. They have duped people of crores of rupees in the name of giving advice on investments in the market.

Police have questioned more than 150 employees of the companies. ASP Shailendra Singh Chouhan said that two advisory firms-- Market Captain and Ways to Star (Ways to Capital)-- were raided on the complaint of Vipul Namdev, Jagbir Singh, Moin Qureshi, Aditi Tiwari, Pranay Gupta, Murari Prasad, Rajaram Yadav, Wasim Akram, Rajendra Jat, Shyamlal, Krishna Yadav and others.

The complainants told the police that they were contacted by the employees who told them to pay Rs 7,000 for registration. Later, they received Rs 4 crore from complainants in the name of giving advice to invest in the market.

Police started investigation when it was revealed that the prime accused, Nishant Chaturvedi of Dewas, had started a company along with one Chetan Shukla of Mumbai at Shagun Tower.

Chaturvedi started the company with the name of Hybro Research Company but his company was black-listed by SEBI as he was not following the rules strictly. Later, he started another company where he was duping people in the name of making their money doubled.

ASP Chouhan further said that SEBI had also received about 600 complaints against the above companies. Police registered five cases against the accused when the company owner tried to settle the matter with complainants.

Owner of Ways to Star (Ways to Capital) Nishant Chaturvedi of Vijay Nagar (permanent resident of Dewas), Ashish Yadav of South Tukoganj, Anuj Vyas of Dewas, Ravi Gaur of Tejaji Nagar and Akshay Verma of Chitawad area of the city. The police have registered five cases against the company but it was still being run by the owner.

The police team later raided another firm-- Market Captain-- on the complaint of Amit Patel. Amit told the police that he had paid Rs 16.94 lakh till July 2018 to May 2019.

Company employees have received Rs 7.15 lakh from him for investment of his wife’s money also. The police have registered a case and raided the company where more than 60 employees were found making calls to other people for duping.

ASP Chouhan further said that more than a dozen people indulged in such fraud will be arrested after the investigation.

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