Stock market trading scam busted, two held for running fake firm

Hyderabad: On Tuesday, the sleuths of Cyber Crime Station (CCS) of Hyderabad City Police arrested two people for allegedly running a fake firm. They claimed to advise stock market investors and cheated those who approached them.

The prime accused were identified as 42-year old Faiyaz Mahmood Nasari, 43-year-old Hamed Ali, and the absconding Mohammed Jahangir — all three are residents of Chandrayangutta.

The CCS Detective Department’s police personnel received a complaint in September  2019 from a city-based victim. Upon trusting them, he invested a huge amount in their firm called Capital Solutions, Ansari Perfumes and Cosmetics only for the so-called owners to abscond.

MS Education Academy

“The complainant made several phone calls to them about his invested amount but the conmen did not respond,” the police said.

Subsequently, he approached the police after which a case was registered under the following IPC sections: Sections 417 (cheating), 419 (cheating by impersonation) and 420 (cheating and dishonestly inducing delivery of property) of the IPC.

Aside from this victim, the scamsters collected more than 100 crores from more than 100 depositors according to the police.

A police team went to the Thane District of Maharashtra where they arrested Fiyaz Mahmood Ansari and Hamed Ali, both who were absconding since committing the offence.

The accused were produced before the judicial magistrate at Bhiwandi court. Later, the CCS obtained a transit warrant and brought to Hyderabad.

Currently, they are being taken into judicial remand.


Subscribe us on The Siasat Daily - Google News
Back to top button