Indore News: Man, Daughter Duped Of ₹74 Lakh In Share Market Scam, Accused Arrested

Indore (Madhya Pradesh): City crime branch arrested a man for duping a person and his daughter of Rs 74 lakh on the pretext of share market investment, an officer said on Tuesday.

According to additional DCP (crime) Rajesh Dandotiya, the accused, Lokesh Gupta, a resident of Venkatesh Nagar area of the city, allegedly cheated complainant Dheeraj Mathur and his daughter of nearly Rs 74 lakh.

Gupta adopted a calculated strategy to gain the trust of the complainant and his daughter. He initially returned small profits on their investments, creating an impression of genuine returns, before persuading them to invest larger amounts. Once a significant sum was collected, he absconded with the money.

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The complainant revealed that Gupta used highly deceptive methods to carry out the fraud. He created a fake letterhead in the name of the reputed Anand Rathi Group, Goregaon, Mumbai, and also designed a fake website.

Through these false representations, he convinced the complainant that the investments were authentic. Believing the documents to be authentic, the victim invested large amounts only to realise later that he had been defrauded.

After committing the fraud, Gupta vacated his residence and started living in Silicon City Township in the city in an attempt to evade arrest. Acting on tip-off and technical surveillance, the crime branch successfully traced and arrested him.

A case has been registered under sections 316, 318, 336, and 338 of the BNS. Police officials said that Gupta is being questioned to know further regarding the case. The team is also probing whether others were involved in the fraudulent scheme and if more victims have been targeted.