Nagpur: Investors fell victim to a fraudulent investment scheme in the stock market and lost Rs 1.21 crore to the fraudsters.
A case was registered by Nandanvan Police against Suraj Madhukar Sawarkar, a 29-year old resident of Selu, District Wardha. The complaint was lodged by Vikram Laxman Bajaj, a 44- year-old resident of New Nandanvan.
Vikram stated in his complaint that in June 2022, he was introduced to Suraj through a friend who claimed to be an expert in online forex trading, cryptocurrency, and the stock market. Suraj, allegedly affiliated with IX Global Company, convinced Vikram that investing through this American firm would yield profits ranging from 5 to 15 percent, said police.
Vikram transferred Rs 5 lakh to Suraj’s account. Initially, Suraj generated a profit of Rs 2.60 lakh at an 8%rate and earned Vikram’s trust. Encouraged by this success, Suraj persuaded his friends to invest a significant sum as well. However, the situation took a turn for the worse when Suraj failed to deliver the promised profits and did not return the original invested amount.
Finally, Vikram lodged a complaint with the Nandanvan police. A case under Sections 420, 406 and 34 of IPC read with Section 66 (d) of IT Act was registered. Further probe is underway.
