Directors Of Stock Market Advisory Firm Arrested by EOW For Cheating Odisha Investors
Directors Of Stock Market Advisory Firm Arrested by EOW For Cheating Odisha Investors
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Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar, detained Arpan Patel and Adyajyoti Nayak, Directors of IAAVIC Pvt Ltd, from Mumbai on Thursday.
Patel and Nayak were transported to Odisha's capital on transit remand after appearing before the Additional Chief Metropolitan Magistrate Court in Bandra, Mumbai. They will be brought before Cuttack's appointed court under the OPID Act.
According to the EOW, IAAVIC Pvt Ltd claims to be a stock market consulting firm, but it is accused of running Ponzi schemes and defrauding scores of investors out of crores of rupees.
The suspects were staying in a leased residence in Mumbai's Khar neighbourhood. Many damning documents, expensive telephones, laptops, hard drives, and Rs 90,000 in cash were taken from their home during the search.
They were apprehended after police investigated a complaint filed by Swadhin Kumar Sahoo of Binjharpur in Odisha's Jajpur district. Patel and Nayak allegedly defrauded Sahoo and other investors out of crores of rupees by promising large profits.
According to the EOW, Patel and Nayak started their website 'www.iaavic.com' in 2020-21 and used YouTube videos to try to entice unsuspecting depositors. The firm purported to be a stock brokerage.
Documents such as the PAN card, ISO certificate, and ROC registration were exhibited in the YouTube videos to increase investors' trust.
The defendants also provided the investors with login IDs and passwords, as well as a toll-free number, 1800-103-0334, according to the EOW.
Beginning in July 2021, Sahoo placed Rs 15 lakh in the company's account in instalments.
The company is accused of taking more than Rs 5 crore from 400 investors in Odisha alone and then defrauding them.
