In a major crackdown, the Indore City Crime Branch raided a fake advisory firm on Friday and arrested four individuals, including the firm’s director, for duping people under the pretense of stock market investments. The accused ran an operation through their firm, which was falsely promoted as a legitimate investment channel, taking advantage of vulnerable individuals looking to profit from stock market investments.
The scam came to light after a man from Badnawar in Dhar district filed a complaint with the police. According to the complainant, he was contacted by a person posing as an official from “Honest Technology Advisory Firm.” The caller claimed that he could help the complainant earn high returns on his money by investing in shares through their firm.
The complainant, trusting the fraudulent firm, transferred funds through the UPI platform, expecting to see a return on his investment. However, no investments were made, and when the complainant requested his money back along with promised profits, the accused started evading him. The victim then reported the matter to the police.
Following the complaint, the Crime Branch led a raid on the office located in Krishna Business Centre. During the investigation, the firm’s owner, Amit Khanduja, failed to show any SEBI (Securities and Exchange Board of India) registration, which is a mandatory requirement for any legitimate investment advisory firm.
Amit, along with Rahul Chowdhary of Dewas, Mahipal Singh of Dewas, and manager Suraj Malviya, were arrested and booked under various sections of financial fraud. The police seized critical evidence from the firm’s office, including eighteen phones, six laptops, two CPUs, and fake SIM cards.
Amit Khanduja, an MBA graduate, was operating the advisory firm for several months. Rahul Chowdhary, an engineer, and Suraj Malviya managed day-to-day operations. The suspects allegedly contacted over 800 people throughout the year, swindling money from many of them. The fraudulent firm received the stolen funds into bank accounts opened by third parties for a commission of 10%.
The police revealed that the scammers mostly targeted individuals in other cities and states. The suspects used virtual numbers to contact their victims, ensuring their identities remained hidden.