Police in Nalasopara in Maharashtra's Palghar district have busted an alleged fraudulent investment call centre and arrested 13 people, officials said. The operation, run under the name 'For Invest 2 Gain Research' from premises in Nalasopara West, allegedly misled investors by falsely claiming to be registered with the Securities and Exchange Board of India (SEBI).
Source: The420
The case surfaced on October 23, when the cyber cell of Nalasopara police station received specific information about the setup. A police team raided the premises and found callers speaking to clients on mobile phones, with prepared rosters of names and contact numbers placed in front of them. A 27-year-old man, Sheetal Shyamnarayan Yadav, identified himself to officers as the operational manager, according to the police complaint.
30% cut of profits, losers blacklisted
Investigators say the callers used phone directories bought from outside sources to solicit people into stock market trades. The operators allegedly pocketed 30 percent of the returns from profitable trades, collecting the money through QR-code payments. Clients who suffered heavy losses and complained were allegedly cut off and placed on a blacklist so the operation could avoid scrutiny.
Source: Particle News
Police seized equipment and assets valued at Rs 8.57 lakh (about eight and a half lakh rupees) during the raid, including mobile phones and laptops that are being sent for forensic examination.
FIR names 15, including a minor
The FIR names 15 people in total, including one minor, who has not been identified. Police are also examining whether the call centre staff allegedly obtained unauthorised access to clients' net-banking details, login credentials and trading passwords, and whether investor accounts were used directly for index trades. The 13 arrested adults have been remanded to police custody for three days, and cases have been registered under cheating provisions, the Information Technology Act and the Telecommunications Act. Police said victim lists, bank accounts and device records are being traced to establish the full scale of the alleged fraud.