Manoj Javeri Stock Broking Private Limited manager Rajdeep Manoj Javeri (27) and company agent Anil Karkala Upadhyaya (53) were arrested by the Central Crime Station (CCS) in Hyderabad on Friday for cheating. Mr. Rajdeep is also the owner of Conard Securities Private Limited in Mumbai.
On August 5, Pradeep Yarlagadda of Film Nagar approached the police stating that he and his family members had invested ₹7 crore with M/s Manoj Javeri Stock Broking Pvt Ltd and M/s Conard Securities Pvt Ltd of Mumbai for the online stock trading between 2017 and 2019, with the instigation of Upadhyaya as an agent.
The accused violated the rules of the Securities and Exchange Board of India by not buying any shares from Pradeep and on behalf of his family members, and diverted the funds to their personal bank accounts by providing share certificates fabricated and fake contact notes, Joint Commissioner of Police (Detective Department) Avinash Mohanty said.
“When the plaintiff insisted on returning the principal amount, the defendants closed their office and dodged the case and caused unjustified loss to the first,” he said.
Mr Mohanty also said the defendant deceived nearly 300 people from Karnataka, Tamil Nadu and Gujarat into investing their money in the business for e-commerce.
Upadhyaya and Rajdeep were apprehended in Mumbai and brought to Hyderabad and brought before a local court which remanded them into custody.