20-YO Gujarat boy disguised as stock market broker defrauds Odisha youth of over Rs 15 lakh

Rourkela: A 20-year-old boy of Mehesana district in Gujarat has been arrested by Rourkela cyber police here on charges of duping a youth of over Rs 15 lakh, impersonating himself as a broker in share market.

A case in this connection was registered at Rourkela cyber police station under Sections 419, 420 and 34 of IPC r.w Section 66-C and 66-D of IT Act on March 23, 2020.

As per the complaint lodged by Shahbaaz Shakeel of Nala Road under Plantsite police station in Rourkela, the fraudster took a whopping Rs 15.81 lakh from him fraudulently at different intervals.

On January 29, 2020, the victim, a  medicine representative, received a call from a woman introducing herself as Suhani. The woman told him that she will give him tips on investment in share market and take 30% commission on the profit. Later, she gave him the phone number of a broker named Hari and suggested the victim to contact him for easy trading.

When Shahbaaz contacted the broker, the latter initially asked him to deposit Rs 60,000 in his bank account. He deposited a sum of Rs 15.81 lakh in the fraudster’s account at different intervals.

Today, police arrested accused Raval  Bhavik Vishnbhai and seized cash of Rs 50,000 along with other documents from his possession.

“The accused had managed to get the fraud money deposited in his bank account and later transferred  it to different beneficiary accounts to confuse investigating officer. He used to revert back the money to his account,” said police.