Share market advisor booked for ₹5.97 crore fraud
When she asked for profit for the other months, the accused switched off the phone and became incommunicado
The Hadapsar Police on Tuesday booked a share market investor and advisor who ran a teaching institute by the name ‘Value Trade Share Market’ in the area. The victim, a resident of Vaiduwadi, had approached the accused to learn about share trading. She enrolled herself in Value Share Trade Share Market where she was convinced to invest in stock markets through the trainer cum investment advisor. The victim initially invested ₹25 lakh in the share market where the accused gave her a return of ₹3 lakh as profit over investment in Aug 2024.
When she asked for profit for the other months, the accused switched off the phone and became incommunicado. The victim then approached the cyber cell and lodged a case against the accused on Tuesday. At the same time, the cyber police informed her that the accused had cheated another person as well and the total cheating is estimated to be ₹5.97 crore. The crime took place between February and October 2024.
Police booked the accused under IPC section 406,409,402 and Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, or the MPID Act.
