Indore: ₹1.24 Crore Share Trading Scam; One Detained, Hunt On For Brother

Indore (Madhya Pradesh): Two brothers were booked for duping some people of ₹1.24 crore on the pretext of profit in share trading on Wednesday and one of them has been detained while the police are on the lookout for the other.

The accused had also given cheques using fake signatures to the complainants. A search is on for the accused.

According to the crime branch, Prabha Jain, a resident of Telephone Nagar area of the city has lodged a complaint that an accused named Pawan Vishwakarma, a resident of Manavta Nagar area had met her on Diwali.

He had lured her that she carry out share trading to earn more profit. Later, he started visiting her place and showed the plans for trading and earning money in less time. After seeing the profit, the woman gave ₹5 lakh to him. The accused started giving profit to her regularly.

After that he told her to invest more money to get more profit in less time. As the woman was receiving profit regularly she trusted the accused and told her friends to invest money. After that she told her friends and took money and gave it to the accused for the investment. The complainant stated that Pawan’s brother Sandeep was also involved in the crime.  

The accused took ₹1.24 crore from six people including the complainant. When the woman asked to get her profit, she did not receive a satisfactory answer and later the accused switched off their mobile phones.

The complainants informed crime branch officials that the accused had also given cheques using fake signature. The woman said that she had taken money from her friends who are now demanding their money back.

They also targeted other people

DCP (crime) Rajesh Kumar Tripathi informed Free Press that Sandeep was detained and a search is on for his brother Pawan. Ongoing investigation revealed that the accused had also taken money from other people. A team has been constituted for investigation into the case and to search for the other accused.  

Published on: Thursday, August 07, 2025, 03:29 AM IST