Stockbroker arrested for duping investors of ₹2.77 crore

The director of Concunsmart Shares and Stock Broker Pvt Ltd has been arrested by Mumbai police for allegedly duping 52 investors of ?2.77 crore on the promise of lucrative returns. The accused is Prashant Angane. The firm had promised 30 to 70% returns on investments and used to distribute pamphlets to over 10,000 people.

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police has arrested the director of Concunsmart Shares and Stock Broker Pvt Ldt for allegedly duping 52 investors to the tune of ₹2.77 crore on the promise of lucrative returns.

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The accused has been identified as Prashant Angane.

According to the police, Concunsmart had offices in Mahim, Dombivli and Bhandup. The EOW officials suspect the accused have cheated several people from these areas.

A senior EOW official said, “The firm had created an advertisement claiming that some person made ₹1 crore out of ₹1 lakh in 10 years and distributed pamphlets to over 10,000 people. The firm used to promise 30 to 70% returns on investments.”

To gain the confidence of investors, Angane used to give speeches. Recently, he also started uploading his speeches on YouTube to attract more investors, the EOW officer said.

The official said though currently 52 investors have approached them, the number is likely to go up.

The police said they are verifying the role of Pallavi Angane, another director of the firm. The firm was reportedly expelled by the National Stock Exchange (NSE) for non-adherence to regulatory provisions in April 2022.