Indore (Madhya Pradesh): Crime Branch arrested a man from Bengaluru who was involved in a multi-crore share trading scam and had duped investors across Madhya Pradesh and several other states.
The accused, Ghulam Moinuddin, had been absconding and hiding in various locations across Karnataka before being caught.
According to police, the accused defrauded investors of approximately Rs 5.7 crore by luring them into fake share trading schemes, promising high profits. He operated through bogus firms named Stage One, Sunrises, and several others.
Victims Rekha Solanki of Arihant Nagar, Jitendra Patidar of Mahalaxmi Nagar and Siraj Khan of Khajrana, among others, lodged complaints at the crime branch office. They were convinced to invest large sums of money in what they believed were legitimate trading operations. The accused was booked under sections 420 and 409 of the IPC for cheating and criminal breach of trust.
Investigations revealed that Moinuddin, a graduate, hails from Raichur district, Karnataka, and had been running his fraudulent operations from Bengaluru. Even after cheating multiple investors, he continued to engage in similar activities while evading arrest.
Following technical surveillance, crime branch team traced and arrested him in Bengaluru, Karnataka.
During interrogation, the accused allegedly confessed to orchestrating the fraud, and police believe that more victims may come forward as the investigation continues. He initially opened a cooperative bank, but it was closed for violating government s guidelines. Later, he opened different advisory firms and cheated several people.
