Mumbai: CBI Registers Cases Against Indore-Based Company For Investor Fraud Worth ₹1.80 Cr

Mumbai: CBI Registers Cases Against Indore-Based Company For Investor Fraud Worth ₹1.80 Cr

The employees of the company had informed the complainant that they had invested the amount in the share market for purchase of shares.

Somendra SharmaUpdated: Thursday, February 01, 2024, 09:40 PM IST
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The Central Bureau of Investigation (CBI), on the directions of the Bombay High Court, has registered two separate cases of cheating and criminal breach of trust against the directors and employees of an Indore-based company for allegedly cheating its investors to the tune of Rs1.80 crore.

According to the CBI, the high court had passed an order on January 12,, 2024, in a criminal writ petition wherein investigation of an FIR registered with the DN Nagar Police Station in 2019 and Kudal police station in Sindhudurg district in 2018 has been transferred to the CBI.

The case was registered by DN Nagar police station on the basis of a complaint by an investor against M/s High Brow Market Research Investment Adviser Pvt Ltd, Indore, Madhya Pradesh and others.

As mentioned in the FIR, the complainant dealing in share trading, during the period from January 17, 2018 to July 30, 2018, had transferred a total Rs 1,61,25,000 through RTGS to the account of the company.

The employees of the company had informed the complainant that they had invested the amount in the share market for purchase of shares. The company had assured to give a total Rs 7,54,56,763 which includes profit of Rs 5,93,31,763 and invested amount of Rs 1,61,25,000.

The complainant continuously contacted the company officials, but they neither returned the money nor provided any documents in support of purchase of shares.

In the second case registered with the Kudal police station in Sindhudurg district, it has been alleged that the directors and employees of the same company, during the period from November 27, 2017 to July 25, 2018, frequently contacted the complainant, a teacher, and made him to invest Rs 25,50,000 on the pretext of giving him handsome profit.

The complainant invested the said amount and it has been alleged that the directors and employees of the company did not invest the amount and misappropriated the same.

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