The State Cyber Cell has arrested two individuals from Sehore district, Madhya Pradesh, in connection with a Rs52.15 lakh share market scam. The accused allegedly duped a man from Mahalaxmi Nagar by posing as representatives of a registered brokerage firm.
Acting on the instructions of SP (Cyber) Sabyasachi Saraf, a special team led by DSP Narendra Singh Raghuwanshi and Inspector Sarita Singh carried out the arrests after a detailed investigation.
The complainant, Shivdatt Tiwari, said he was added to a social media group by an unknown person who posed as an officer of JAINAM Broking Limited, claiming the firm was registered with SEBI. The scammers used a forged certificate to build credibility and persuaded Tiwari to invest in the stock market.
Over time, Tiwari transferred Rs52.15 lakh across multiple bank accounts under the impression of legitimate investments. During the investigation, authorities identified a suspicious account under the name Shri Parmar Motors and Workshop in Sehore.
The team arrested Devendra Kumar Parmar, the account holder, who admitted to providing his bank account, ATM card, mobile SIM, and email to his associates — Rahul Mewada and Jitendra Parmar — in exchange for a 1% commission on the money transferred through the account. Forged documents were also recovered during the operation.
Based on Devendra’s confession, police arrested Jitendra Parmar, while efforts are underway to track down Rahul Mewada, the third accused.
Authorities are continuing their probe and have appealed to citizens to remain cautious of unsolicited investment offers on social media.
