Fraud of Rs 38 lakh in the name of share market investment

Chhatrapati Sambhajinagar

A contractor in the city was defrauded of over Rs 37.99 lakhs under the pretext of earning high profits in the share market. Upon discovering the scam, Bhagirath Mhasuji Kamble filed a complaint at Harsul Police Station. A case was registered against seven individuals, including Duro Capital company.

The accused are Nimu Parmar, Krishnakumar Barwar, Vishnu M., Abhijit Tupe, Aman Kumar, and Aditya Jadhav (all residents of Chhatrapati Sambhajinagar). According to the complaint, Bhagirath Kamble, an electrical contractor, has a Telegram account. He was added to a VIP group 1889 related to the share market, where messages promising profits were shared. He contacted the group admin to inquire how to earn profits and was asked to communicate with the admin’s assistant. On 14 July 2024, Kamble received all the details of Duro Capital Limited. The company told him that to earn high profits, he had to send money to them. The company promised to invest his money in the share market and deliver profits, charging a 10% commission on the profit. Kamble began investing and initially saw returns of 50–60%. Later, he was asked to purchase an IPO worth Rs 44 lakh. Kamble was shown a Rs 5 lakh deposit as a loan, and then he started trading in his wife’s name. On 25 September, Rs 45,000 was deposited into his wife’s account. On 24 October, when she applied to withdraw Rs 5 lakh, the company refused unless the previous loan of Rs 5 lakh in his name was repaid. Although the account showed profits of Rs 71 lakh, withdrawals were blocked. Kamble paid over Rs 7.71 lakhs as 10% tax to the Indian government to release funds. While trading, his portfolio grew to Rs 1.02 lakhs . He was also forced to pay over Rs 1.35 lakhs more as tax. In total, Kamble deposited over Rs 37.99 lakhs into the accused’s bank accounts over time. Later, when the account was closed, he realized he had been defrauded and filed a complaint with the cyber police.