Fake stock market expert swindles 2 crores in an investment fraud in Visakhapatnam

A case of alleged stock market investment fraud has come to light in Visakhapatnam, where a person from Jharkhand state is said to have deceived approximately 15 locals, swindling off at least Rs 2 crores from them. The deceitful activities were centred around false promises of lucrative returns the accused person promised to the victims. The matter was brought to the attention of the city police during the Spandana grievance programme held on 10 July, when the affected individuals raised a complaint.

According to police authorities, the accused, identified as Rahul, had established an office at Satyam Junction, posing as a trading expert. Exploiting this guise, he allegedly befriended several people and collected significant sums of money from them, guaranteeing profits. Reportedly, the victims, placing their trust in Rahul, had invested varying amounts ranging from Rs 50,000 to lakhs.

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Rahul’s sudden disappearance from his residence at Birla Junction raised suspicions, as he had ceased all communication with his clients for the past two months. It was only after the victims realised that they had fallen prey to his scheme that they decided to file a complaint. Consequently, the ‘Spandana’ complaint regarding the stock market investment fraud was transferred to the MVP Police Station in Visakhapatnam on Tuesday, 11 July.

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