Indore (Madhya Pradesh)
Three persons including the owner and the director of an advisory company were arrested by Crime Branch on Saturday for duping three persons of Rs 40 lakh in the name of investing their money in the share market to get a good return in a short time. After taking the money from the victims, the accused were also demanding advisory fees.
According to DCP (crime) Nimish Agrawal, the Crime Branch received complaints from three persons including a woman from Mumbai. The fraud investigation cell of the Crime Branch was instructed to investigate the case and to gather more information about the accused. The complainants had informed the officials that Abhinav Upadhyay, the owner of Market Magnify Investment Advisors Pvt Ltd, Hitakshi Maheshwari, the director of the company and an employee named Nilabh Singh had taken money from them in the name of investing their money in share market to get a good return in a short time.
Complainant named Geeta had deposited Rs 15,72,000, Vijay had transferred Rs 18,91,400 and Pravin had deposited Rs 5,62,000 to the bank accounts of the accused. Thus, the accused had received a total of Rs 40,25,400 from the complainants. According to the complainants, the accused used to run their company from Pearl Business Park building in the Bhanwarkuan area. They were allegedly threatening the complainants to pay advisory fees and also to invest more money in the share market.
After investigation, the Crime Branch officials arrested Abhinav, a resident of Jabalpur, Hitakshi of Palsikar Colony in the city and Nilabh Singh, a resident of Vidisha, at present resident of Balaji Paradise in Devguradia area.
The accused allegedly informed the Crime Branch officers that they had been running their company from the city since 2013 and they had other offices in the city. Through these offices, the accused received crores of rupees from the people on the pretext of investing their money in the market to give them extraordinary profits. After the complaint, the accused had shifted their office to Jabalpur. The accused were booked under section 420, 409, 504, 34 of the IPC.
