Stock market trading & investing tips scam busted: Three arrested

Team Udayavani, May 8, 2022, 4:02 PM IST

Bengaluru: Three persons, who allegedly defrauded people in the guise of providing stock market trading and investment tips, were arrested by the CEN Police (North East Division).

The arrested have been identified as Rehamatulla (29), M C Mallaiah Swamy (29), and C Durgappa (28) – all residents of Siruguppa taluk of Ballary, police said.

The trio learned about the method to trick the unsuspecting public by providing stock market tips from YouTube Videos, police said.

They formed a company named “Make In Profit” and cold-called their potential victims and offered stock investment tips that promised high profits. Instead of investing in the stocks, the money was spent on leisure, police said.

The money gotten from victims was kept in fake bank accounts created using forged documents, police added.

The crime came to light, when one of their victims, Pundalikappa from Yelahanka, reported to the police about losing Rs 2.5 Lakhs to fraudsters.

Police also confiscated 3 mobile phones, 6 SIM cards, and other equipment used for the scam from the accused.