Hyderabad

Investment agent held for cheating

Prashanth Prabhu (38), director of 29K Investment Advisory, Bengaluru, and agent of Manoj Javeri Stock Broking Pvt. Ltd. was arrested by the Hyderabad police on charges of cheating.

In August, one Pradeep Yarlagadda of Film Nagar, lodged a complaint with Central Crime Station (CCS) stating that he and his family members invested ₹7.19 crore with M/s Manoj Javeri Stock Broking of Mumbai for online share trading between 2017 and 2019, after Prabhu’s inducement.

He alleged that Prabhu violated the SEBI rules and without purchasing any shares on their names, he diverted the funds with their personal bank accounts by providing fabricated stock holding certificates and fake contact notes, Joint Commissioner of Police (Detective Department) Avinash Mohanty said.

“When Pradeep insisted on returning the principal amount, the accused closed his office and caused wrongful loss to him,” he said.

It was learnt that the accused had lured over 300 people from Karnataka, Tamil Nadu, Maharashtra, Gujarat and Telangana, to invest their money in Manoj Javeri Stock Broking for online trading.

“Prabhu was apprehended in Bengaluru and brought to Hyderabad,” Mr. Mohanty said.

Earlier, Rajdeep Manoj Javeri and Anil K. Upadhyaya were arrested and a probe is on.

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Printable version | Nov 29, 2020 6:27:05 AM | https://www.thehindu.com/news/cities/Hyderabad/investment-agent-held-for-cheating/article32976150.ece

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