Cyber frauds booked for cheating people using pvt equity firm’s name

Mumbai police have registered a case against cyber frauds for using Advent India's name to cheat people via a fake share trading group.

Mumbai: The N M Joshi Marg police have registered a case against cyber frauds for allegedly using the name of Advent India, a global private equity firm, and its director Akshay Alladi to cheat people. The fraudsters were allegedly using the company’s credibility to get people to join their share trading group and cheat them.

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The case was registered following a complaint from Meenakshi Salvi, 54, an executive assistant with Advent India. The matter came to light when people began calling and visiting the Advent India office in Lower Parel, claiming they were cheated after joining the company’s WhatsApp share trading group.

“The company neither ran a WhatsApp group nor any application. Its director was also not involved in any such activity. They realised that frauds were using their name to cheat people after which they approached us and we registered a case,” said a police officer.

The accused have been booked under sections 356 (defamation) and 319 (cheating by personation) of the Bhartiya Nyaya Sanhita and section 66C (identity theft) of the Information Technology Act.