Man posing as ex-Gujarat MP's son booked for cheating investors through share market scam

Man posing as ex-Gujarat MP's son booked for cheating investors through share market scam

Mumbai, Mumbai Police have registered a case against a man for allegedly posing as the son of a former Gujarat MP and cheating a businessman along with others of lakhs of rupees on the promise of good returns on their share market investments, officials said.

Man posing as ex-Gujarat MP's son booked for cheating investors through share market scam

The accused was identified as Vicky Vajubhai Barejia alias Vicky Prajapati, an official of Khar police station here said.

The complainant in the case, Swaranjitsingh - a businessman residing in Khar with his family - came in contact with Barejia in March last year. During their initial meetings, the accused claimed to be a resident of Gujarat and said his father was a former MP. To gain his trust, he allegedly showed an identity card claiming links in Parliament.

He also claimed that he had close connections with senior IAS, IPS officers and central government officials.

In April last year, the accused visited Mumbai and advised the complainant to invest in shares, assuring him that the amount would be doubled in six months. He also claimed that several IAS and IPS officers were investing money through him, the police official said.

Believing his claims, the complainant invested money. A total of ₹41.39 lakh were allegedly transferred to the accused through cash, RTGS and NEFT transactions, he said.

Police said the accused later returned around ₹9.75 lakh and purchased some shares on behalf of the complainant, but subsequently stopped paying profits or returning the remaining amount.

During the inquiry, it came to light that the accused had similarly lured several other persons with promises of doubling their investments. One of the friends of the complainant was also allegedly cheated of ₹5 lakh.

When the victims demanded their money back, the accused allegedly threatened them with serious consequences if they approached the police.

Following the complaint, the police conducted a preliminary probe and registered a case of cheating and criminal breach of trust. The complainant said he has lost ₹18.69 lakh in the case.

This article was generated from an automated news agency feed without modifications to text.