Managing director duped of ₹3.98 crore in share market fraud

The accused claimed that he is a sub-broker of a well-known broking firm, as a result of which he can get shares at a much-discounted price on the basis of margin money

A 33-year-old managing director of a private manufacturing firm lost ₹3.98 crore in an online stock market scam after being lured by promises of high returns.

The incident was reported between January 1, 2023, and July 31, 2024. (REPRESENTATIVE PHOTO)

The incident was reported between January 1, 2023, and July 31, 2024, at Baner and the victim, Sudarshan Latkar, registered a complaint with police on Saturday, June 21.

The accused have been identified as Tirumalshetti Vyankateshwar Rao alias TV Rao, his son Tirumalshetti Raghav and daughter Tirumalshetti Saipriya.

The accused lured the victim to buy shares of Tata Motors on the basis of margin money. The accused claimed that he is a sub-broker of a well-known broking firm, as a result of which he can get shares at a much-discounted price on the basis of margin money.

Believing in his words, the victim had transferred a certain amount via online transactions. However, the purchased shares did not reflect in his account. So, in order to reflect the purchased share, the accused demanded more money and likewise the victim paid ₹4.97 crore via multiple online transactions. Even after that, he did not get the purchased shares in his demat account. Hence, to gain the confidence of the victim, the accused sent a fake contract note to the victim.

Subsequently, the accused approached the police and filed an FIR against the accused. A case has been filed at Bavdhan police station on Saturday under BNS sections 316(2), 316(5), 318(4), 336(2), 336(3), 338, 339, 3(5).