Indore (Madhya Pradesh): After tightening the noose around real estate developers, builders and brokers, now fake investment advisory firms are on the radar of the district administration.

An FIR has been registered against two persons Pankaj Panchal and Shubham Bhavsar for operating an unregistered financial firm, following direction of collector Manish Singh. The duo had duped Rs 25 lakh from a 66-year-old retired government employee living in Telephone Nagar in the name of investing the money in the stock market. A case under Section 409 and 420 has been registered against them at the Kanadia police station.

A joint team of administration and police under the leadership of additional SP Rajesh Raghuvanshi and SDM Anshul Khare who carried out the investigation found that the accused were not registered with SEBI and they had promised that they would double the victim's money. They opened a demat account in the victim's name and operated it themselves, which is against rules.

Meanwhile, collector Manish Singh has advised people not to deal with unregistered investment firms and inform the police if they come across one.

ALSO READ

Madhya Pradeesh: Labour died working in Grasim Industries