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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Complaint filed against Flipkart, BigBasket for allegedly making employee work on election day
DKShi ‘kidnapped’ 9-year-old girl for property: HDD
PM Modi, Amit Shah to tour Karnataka from April 20
Lok Sabha election a fight between two ideologies: Rahul Gandhi
Agumbe: Villagers in threaten election boycott over infrastructure woes
MUST WATCH
Latest Additions
India’s boundaries are completely secure: Rajnath Singh
Complaint filed against Flipkart, BigBasket for allegedly making employee work on election day
DKShi ‘kidnapped’ 9-year-old girl for property: HDD
Woman can’t be held accountable for abetting suicide of lover due to ‘love failure’: Delhi HC
I don’t believe in star power: Vidhu Vinod Chopra on why content matters more to him