The Dehu Road police are on the lookout for a man who allegedly defrauded 12 individuals of Rs 1.22 crore by promising a 5 percent return on their stock market investments through his trading firm. The accused reportedly collected money from the victims between 2024 and May 2026 and cheated them. A case was registered with the Dehu Road police on Saturday after a resident of Ravet filed a complaint.
Details of the Fraud
An officer from the Dehu Road police stated that the accused operated from an office in Kiwale. In 2024, he approached the complainant and assured him of higher profits if he invested in the stock market through his trading firm. Believing him, the complainant invested Rs 15 lakh in shares. The accused returned Rs 9 lakh to him but duped him of the remaining Rs 6 lakh.
The officer added that the accused had also taken Rs 1.16 crore from 11 other investors. He did not return their money and cheated all 12 investors of a total of Rs 1.22 crore.
Accused Fled After Investors Demanded Money
When the investors started demanding their money back, the accused shut down his office and fled. The police have registered a case under sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS), along with relevant sections of the Banning of Unregulated Deposit Schemes Act.
