Mumbai Police Uncover Fake Stock Trading Call Centre Operating From MP's Ujjain; 3 Arrested

Mumbai Police Uncover Fake Stock Trading Call Centre Operating From MP's Ujjain; 3 Arrested

Action was part of an investigation launched after a 56-year-old man from Matunga, Chandrashekhar Taware, was duped of ₹8.33 lakh

Vishal SinghUpdated: Friday, April 12, 2024, 10:24 AM IST
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Mumbai Police Uncover Fake Stock Trading Call Centre Pperating From MP's Ujjain; 3 Arrested | Representational Image

Mumbai: The Mumbai Police have uncovered a fake stock trading call centre operating from Ujjain, Madhya Pradesh, and arrested three people who were part of a gang that cheated investors by promising them hefty returns, an official said on Thursday. The call centre, which was detected during a raid, was used to lure investors by promising them very high returns on investment in share markets, he said. During the raid, a police team recovered data consisting mobile phone numbers of three lakh customers, said the official. The police action was part of an investigation launched after a 56-year-old man from Matunga, Chandrashekhar Taware, lodged a complaint, alleging he was duped of Rs8.33 lakh on pretext of investing in stock markets, he said.

During the probe, it came to light that there were 39 cases pending against the three accused of duping investors using the same modus operandi, the official said. According to the official, the complainant received a call in February when the person on the other side explained him about investment in markets and hefty returns from equity trading.

The caller asked him to download an app, ‘Profit Bull’, on his mobile and invest through it. Initially, the complainant put in Rs7,500 and received good returns. After gaining his confidence the caller asked him to invest more, he said. In all, the man invested Rs8.33 lakh but did not get returns on it. Feeling cheated, he approached the Matunga Police Station with a complaint and a case was registered against unidentified cyber fraudsters.

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