Bogus Call Centre Busted In Nalasopara For Cheating People With False Promises Of Huge Stock Market Profits; 14 Arrested
· Free Press Journal
Vasai: The Nalasopara Police have busted a fake call center that was cheating people financially by luring them with false promises of massive profits in the stock market. A total of 14 people, including a minor, have been taken into action/custody during this operation.
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How the Scam Operated
According to confidential information received by the Nalasopara Police, a bogus call center was being run inside Godavari Apartment, located in Chheda Nagar, Nalasopara West. Acting on this tip-off, the police raided flat number 101 in the building on Saturday afternoon. The company was being operated under the name "For Invest to Gain Research".
Significantly, the company did not have any legal authorization or registration from the Securities and Exchange Board of India (SEBI). Despite this, callers from this call center would contact innocent customers across the country, baiting them with fake promises of heavy profits in the stock market and coercing them into investing. As returns on investment, they would demand a 30% profit share to be paid into various bank accounts, thus heavily defrauding investors, shared Shashank Borate, Deputy Commissioner of Police (Zone 3).
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As part of the action, the police took legal action against a total of 14 individuals, which includes a minor. All the accused are residents of the Vasai-Virar area. The police seized cash worth ₹8 lakh from the spot, along with numerous mobile phones, laptops, and other digital equipment. The police are currently conducting a thorough investigation to find out exactly how many people have been scammed by this racket.
Cases have been registered against the accused under various sections of cheating, the Information Technology (IT) Act, and the Telecommunications Act. When all the accused were produced before the court, the court remanded them to 4 days of police custody, police stated.
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