Ujjain: the police have taken significant action against a gang that was tricking people by calling them under the guise of advisory centers, promising profits from investments in the stock market. On Wednesday, they raided four locations and detained 130 young men and women.
According to Superintendent of Police Pradeep Sharma, the investigation has revealed that five individuals are currently involved in running these fake centers. Two of the operators, Shashi Malviya and Ajay Pawar, have been arrested, while three others—Vinay Rathore, Deepak Malviya, and Chandan Bhadauria—are still being sought by the police. A list of mobile numbers was found at the centers, which were used to contact potential victims.
Just two months ago, the state cyber cell also conducted a raid on a fake advisory center in Shamgarh, Mandsaur, where they arrested four young men and 17 young women, seizing 30 SIM cards and 40 mobile phones in the process. The police explained that the scammers would call people to help them open demat accounts and encourage them to invest in the stock market. They would then use the victims’ login IDs to conduct trades themselves, often showing losses to siphon off their money. When investors did make profits, these companies would secretly take a commission of 30 to 40 percent from those earnings.
