The Economic Offences Wing of Odisha police arrested two fraudsters who had floated a stock market advisory company to deceive investors to the tune of Rs 10 crore.
(Photo: SNS)
The Economic Offences Wing of Odisha police arrested two fraudsters who had floated a stock market advisory company to deceive investors to the tune of Rs 10 crore.
Besides duping investors in Odisha, the arrested persons- Arpan Patel and Adyajyoti Nayak- had committed similar frauds and duped a large number of investors in Jharkhand, Madhya Pradesh, Maharashtra (Mumbai), Gujarat, Rajasthan, West Bengal, and Andhra Pradesh.
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They were arrested from Mumbai and were produced before the Additional Chief Metropolitan Magistrate, Court No. 9, Bandra, Mumbai. The duo is being brought to Bhubaneswar on the strength of transit remand for their production before the Designated Court under Odisha Protection of Interests of Depositors (OPID) Act, Cuttack.
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Both the accused persons stayed in a rented house at Khar area of Mumbai and led a lavish lifestyle. During their house search apart from many incriminating documents pertaining to the case, a number of costly mobile phones, laptops, hard discs, and cash were seized.
The accused persons launched their website ‘www.iaavic.com’ and made wide publicity through colorful brochures as well as through attractive videos circulated through YouTube, to attract the gullible depositors to invest in their company under the pretext of returning hefty interest from their investment.
In its YouTube video, M/s IAAVIC Pvt. Ltd. represented itself as a Stock Advisory Company and assured the investors to invest their money in Stock Market and generate interest and promised to return 1% of the mutual profit on the invested amount to the investors on daily basis through the bank accounts of the investors.
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