E-Paper
Ludhiana: 63-year-old man loses ₹88L in stock market scam
The accused have been identified as Gobind, alias Vasu, Kamlesh, Prakash, Raghav (proprietor of Kareem Enterprises), Jagdesh, and Mohan Bhai
Falling prey to a fraudulent phone call, a 63-year-old man from Bagh Wali Gali lost ₹88 lakh in a fake stock market investment scheme. The caller posed as an authorised share broker for Securities and Exchange Board of India (SEBI). Division Number 1 police, following an inquiry, have registered a case against five accused.
The accused have been identified as Gobind, alias Vasu, Kamlesh, Prakash, Raghav (proprietor of Kareem Enterprises), Jagdesh, and Mohan Bhai.
In his complaint to the police, Naresh Kumar said on August 17, 2023, he received a call from Gobind, who claimed to be an authorised SEBI broker. Gobind offered enticing investment opportunities and promised substantial profits. Later, Gobind introduced him to Kamlesh, who falsely claimed to have earned significant returns through Gobind’s services.
Kumar said he agreed to open a demat account under the guidance of Raghav, another accused. After transferring an initial sum of ₹10,000, Kumar was informed that his account was successfully opened. Over time, the accused convinced him to invest more funds, sharing fake screenshots of growing stock market investments to build trust. By July 2024, Kumar had transferred ₹88.1 lakh into various accounts provided by the accused.
The scam unraveled when Mohan, one of the alleged partners, informed Kumar that he had incurred massive losses in the stock market and needed to invest more money to recover. Suspicious for the first time, Kumar verified his demat account details and discovered that no such account existed in his name.
After failing to contact the accused, Kumar filed a police complaint. ASI Dharamveer Singh, the investigating officer, confirmed that a case has been registered under Sections 420 (cheating) and 120-B (criminal conspiracy) of the IPC.
He added that the accused tricked the complainant into transferring a significant sum under the guise of stock market investments. Efforts are being made to trace and arrest the accused.
