A stock market consultant, Govindarajulu Gopalakrishna, who allegedly collected money from over 150 investors assuring high rate of monthly interest, has reportedly filed Insolvency Petition raising fears that they were duped of nearly Rs.1.5 crore.

Based on a complaint lodged by two of the investors, the Nacharam police registered a cheating case against the consultant on Wednesday.

The accused disappeared three days ago having locked his house, Inspector S.V. Hari Krishna said.

Hailing from Chennai, 47-year-old Gopalakrishna, son of a railway employee, came to HMT colony in Nacharam seven years ago.

He had started the franchisee of Sharekhan Private Limited, a stock broking firm, three years ago. After winning confidence of investors, he started collecting deposits from them assuring a monthly interest of seven to eight per cent per month.

Lured by the high rate of interest, over 150 persons had deposited sums ranging from Rs. one lakh to Rs. five lakh with him. “Till January, he had been paying them monthly interest regularly. He started deferring payment of late apparently having sunk into financial crisis,” the Inspector explained.

While several persons approached the police accusing the consultant of cheating them, only two had valid documents. Meanwhile, Gopalakrishna had sent message to many investors over their mobile phones by noon stating that he was filing IP.

“Extremely sorry. … Due to harassment, mental torture and goondagardhi from certain customers, I am forced to take IP from the court. I will be back soon to give you all happiness,” the message stated.

A press release from Sharekhan Ltd. has stated that the company was in no way connected with the transactions conducted by Gopalakrishna.

More In: Hyderabad