- Investors belong to reputed families from city
- Case registered against 10 persons from Mumbai including a Mysurean
- Case now handed over to CID
- Another cheating case, but no complaint filed yet
Mysore/Mysuru: Promising huge returns from investing in share markets, a group of Mumbai-based investment firms and stock brokers have allegedly cheated many businessmen in city of crores of rupees.
According to a complaint filed by one of the victims, H.G. Sharath, a resident of Vijayanagar, at Devaraja Police Station, Mumbai-based Manoj Javeri Stock Broking Pvt. Ltd., Trillion Capital Limited and MaxSurge Wealth Management Pvt. Ltd. and 10 Mumbai stock brokers and a point man in Mysuru have been named for cheating over 14 Mysureans to the tune of Rs. 7.5 crore.
The complaint states that Mumbai stock brokers, who collected crores of rupees from city businessmen are absconding. The accused are Shikha Hemang Shah, Rajdeep Manoj Javeri and Hemang Shah of Conard Securities Pvt. Ltd., Manoj Mohanchandra Javeri, Pramila Manoj Javeri and Alok Jain of Manoj Javeri Stock Broking Pvt. Ltd., Anil Upadhyaya, Radhika Anil and Ashok Karkal Devadas of Trillion Capital Limited and Mysuru-based Ravi Narayana Rao of MaxSurge Wealth Management Pvt. Ltd.
The complaint states that the local point man — Ravi Narayana Rao — of Kuvempunagar had connections with Mumbai stock brokers and would solicit people to invest with his firm promising huge returns.
It is alleged that Ravi had managed to get investments ranging from Rs. 20 to Rs. 60 lakh from each investor over a period of one year. He had even organised a meeting of investors at a star hotel in city on June 30, 2019 and hosted a grand party for them. At this party, which was attended by a few Mumbai stock brokers, a few local businessmen who had received their returns on investment, gave their testimony which then convinced other potential investors to part with their money. The investors were told that the minimum investment amount was Rs. 25 lakh and the maximum limit was Rs. 10 crore.
The “investor meet” was a success and soon many prominent businessmen invested large amounts of money. After getting their return for the first three months they were impressed and they soon convinced other relatives to invest. Once a huge amount of investment money was collected the payments stopped. The investors could not contact Ravi and they could not contact any of the Mumbai stock brokers either after which a complaint was filed. Some of the complainants said that many others have also invested much more money but they are not coming forward as they fear embarrassment or because they have no record of payment. It is suspected that these Mumbai stock brokers may have cheated many others across the country.
Devaraja Police had taken up the investigation. The case has now been transferred to the CID.
Another CON yet to be reported?
While the victims of Mumbai stock brokers have filed a complaint, another similar Ponzi scheme might be uncovered soon, according to sources in the city’s finance groups.
It is being said that a resident at one of the city’s largest apartment complex located in Yadavagiri has disappeared after making Mysureans invest crores of rupees with him. He too claimed he was a stock broker, who could give huge returns.
This stock broker was known to own very expensive sports cars including an exclusive Italian sports SUV, one among a handfull in India! It seems he too, like the Mumbai stock brokers, had one or two point men who introduced their friends and fellow club members to him. After these potential investors were impressed with his luxury lifestyle, they trusted him with their money, hoping they too could get rich like him.
This stock broker has been absconding since 20 days, but no complaint has been filed. Sources say the reason for this could be that most of the investments were made in cash, which means there is no legal record they had invested with him. Even though Police have got oral complaints, not a single investor has come forward to register a complaint, according to V.V. Puram Police.