Bengaluru: The Crime Branch has arrested Ghulam Moinuddin, the mastermind behind a multi-crore share trading scam that defrauded investors of nearly Rs5.7 crore. He was on the run and had been hiding in various locations across Karnataka before being tracked down and arrested in Bengaluru.
According to police sources, Moinuddin lured victims into investing in bogus share trading companies such as Stage One, Sunrises, and others, promising unusually high returns. His schemes targeted individuals across Madhya Pradesh and several other states.
Among the complainants were Rekha Solanki of Arihant Nagar, Jitendra Patidar of Mahalaxmi Nagar, and Siraj Khan of Khajrana. They reported being misled into investing large amounts in what they believed to be legitimate trading ventures.
Moinuddin, a graduate from Raichur district in Karnataka, had also previously opened a cooperative bank which was later shut down for violating government norms. Undeterred, he launched multiple advisory firms and continued deceiving people under new names.
He was booked under IPC Sections 420 (cheating) and 409 (criminal breach of trust). After weeks of technical surveillance, authorities were finally able to track him to Bengaluru.
During questioning, Moinuddin reportedly confessed to orchestrating the fraud. Police suspect that more victims may come forward as the investigation unfolds.
