Telangana: Two arrested for stock market fraud, Rs 1.19 crore seized

Two men from Utnoor, Telangana, were arrested for allegedly cheating 25 people of Rs 1.19 crore by promising stock market profits. Police seized phones, bank passbooks, and property documents; the accused confessed to using the money to buy houses and plots.

Adilabad: Two persons were arrested for allegedly duping Rs 1.19 crore from the public under the guise of getting huge profits through the stock market. Two mobile phones, bank passbooks, and documents of immovable assets were seized from their possession.

SP Akhil Mahajan said that Syed Javid and Kothapalli Gangadhar, both from Utnoor mandal, were apprehended for their alleged role in cheating the public by extracting Rs 1.19 crore under the pretext of profits if they invested in stock market. A case was registered against the two based on a complaint received from one of their victims, Manoj Kumar from Shyampur.

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During the course of interrogations, Javid and Gangadhar confessed to luring the gullible public in the name of the stock market. They admitted to extracting the money from 25 people by promising them to help earn huge profits if they invested in trading of stocks. They disclosed that they purchased house sites and houses using the money.