Two arrested for duping investors to the tune of crores

Source: The Hitavada      Date: 02 Jan 2017 10:01:48

Staff Reporter,


Jan 1,

BHILAI Nagar Police Station team on Sunday arrested two in connection with cheating involving crores of rupees in Sector-7, Bhilai. The police said that as per facts recorded in the police investigation even after cancellation of license by Stock Exchange Board of India (SEBI) the accused duo continued to collect deposits from people on pretext of lucrative returns.

Police sources informed that the accused were identified as Gourav Dewangan and Gujan Dewangan, whose office located in Sector-7, Bhilai from where they were operating their various investment schemes and collecting deposits from people of twin city of Bhilai and Durg. The police said that after the complaint was lodged by one Sanjay Swaroop of Nehru Nagar, Bhilai, the police initiated investigation in the matter. As per the facts recorded in preliminary investigation, earlier the accused duo Gourav Dewangan and Gunjan Dewangan launched their investment agency after taking franchisee and in the course of time they also obtained license from Stock Exchange Board of India (SEBI) for investment in share market.

Police sources further informed that since the amendments in SEBI rules the license obtained by the accused was cancelled in the year 2011 in the process but they continued to collect money from people on pretext of 10 percent returns but neither they could pay due dividends nor they refunded the deposits of their customers. The police also said that in the investigation so far it was established that the accused

indulged in cheating with common intention of committing the crime. The police have registered the offence against the accused under sections 420 and 34 of Indian Penal Code and section 10 of Protection of Interest of Investors of Chhattisgarh Act.

When contacted, Alexander Kiro, Station House Officer, Bhilai Nagar informed that even after cancellation of the SEBI license, the accused continued to collect deposits from people on false assurance of hefty returns but they failed to pay dividends to investors nor they could repay them the principal amounts. The accused were arrested on charges of cheating and that the police were further investigating the matter.