Bhubaneswar. The Economic Offenses Wing (EOW) of Odisha Crime Branch has arrested two directors of a fake stock market advisory company for duping 400 investors to the tune of Rs 5 crore. The police gave this information on Saturday.
The accused have been identified as Arpan Patel and Adyajyoti Nayak, both directors of IAAVIC Pvt Ltd. Both duped people and claimed that their firm is a stock market advisory company.
EOW officials said that however, in reality, the company is neither a stockbroker/sub-broker in any stock exchange in India nor is it authorized to carry on any such business by the stock market regulating agencies like SEBI. .
Both were arrested from Mumbai on March 10 and are being brought to Bhubaneswar after being produced before the Additional Chief Metropolitan Magistrate, Bandra, Mumbai.
He was arrested against a case registered on the basis of a complaint by a person named Swadhin Kumar Sahu of Odisha’s Jajpur district.
During the year 2020-2021, the above two accused persons launched their website www.iaavic.com and gave wide publicity through colorful brochures as well as lucrative videos circulated through YouTube, so that gullible depositors could get their company be attracted to invest in The EOW said that there was a false assurance of refund of huge interest.
During investigation, the police also found that the company, represented through its accused directors, had collected over Rs 5 crore from 400 investors from Odisha alone and later duped them by not returning the money.
Police also suspect that both the accused directors have committed similar frauds and duped a large number of investors in Jharkhand, Madhya Pradesh, Maharashtra (Mumbai), Gujarat, Rajasthan, West Bengal and Andhra Pradesh.
The EOW said that the aggrieved investors from other states can contact the investigating officer of the case on mobile number 9437736412.
—AnyTV News
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