In a major breakthrough, Indore police uncovered a fraudulent share advisory company, Honest Technology Advisory, which was allegedly deceiving people by promising high returns on investments in the stock market. The investigation was prompted by a tip-off, and on Friday, authorities raided a flat near Medanta Hospital, where the company operated under the false claim of being SEBI-registered.
According to Additional DCP Rajesh Dandotiya, the company used virtual contact numbers via Zoiper software and fake SIM cards to maintain anonymity and run its operations. The accused targeted individuals, convincing them to invest money with the promise of significant profits. However, instead of investing the funds in the stock market, the gang neither traded nor returned the money to the victims.
During the police operation, four key individuals were arrested: Amit Khanduja, the owner; Rahul Choudhary and Mahipal Singh, the partners; and Suraj Malviya, the manager. The authorities seized six laptops, 18 mobile phones, two CPUs, and numerous fake SIM cards during the raid.
Further investigation revealed that Amit, an MBA graduate, Rahul, an engineering graduate, Mahipal, who completed his higher secondary education, and Suraj, a commerce graduate, had targeted over 800 individuals across various districts and states in the past year. The scammers utilized false bank accounts and virtual contact numbers to obscure their identities. They falsely offered services like Algo trading and Demat account management to gain the trust of their victims.
The arrested individuals are currently in police custody, and detailed interrogations are underway as investigations continue into the scale of their operation and potential accomplices.
