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Ludhiana (Punjab) [India], May 16 : Punjab Police busted a fake stock trading racket and arrested three persons from Ludhiana on Tuesday.Police said that the gang cheated people in the name of stock trading training through an online trading app.Addressing a press conference, Ludhiana Police Commissioner, Mandeep Singh Sidhu said," Police had started an investigation in the case of cheating of Rs 15 lakh. Our investigation revealed that the accused used to give stock trading training to people. During this, he (the main accused) also started investing money and used to show burnt figures of earning lakhs of rupees to the people. This racket was going on for the last two years. Most of the money invested in it was also raw, which they claimed to be investing in NSE, BSE and MCX. This app does not work in Android but is active on IOS."When the police obtained information from the concerned exchanges, it was described as a trading app. However, the police said the accused had also made another app. Following this, the police conducted a raid on Monday and arrested the kingpin of the entire racket, including Anil Jain, a woman Karmjit Kaur and Sunny Kumar, said Ludhiana Police Commissioner.Ludhiana Police said a total of five people have been named in this case out of which two are still absconding."A total of five accused have been named, including Jatin Jain and Gagandeep Singh, apart from these accused, and they are absconding. Police will also name another accused," said Sidhu.Police recovered 135 cheques amounting to about Rs 3 crore from the possession of the accused."He also used to take guarantee cheques for investments. We have recovered 135 checks amounting to about Rs 3 crore. Apart from this, Rs 40.62 lakh in cash has been recovered, while Rs 30.80 lakh is lying in bank accounts. Similarly, five laptops, six desktops, seven mobile phones, 62 jewellery articles including one Mercedes, one Ciaz car, and two cash counting machines were recovered. He also has other vehicles worth crores of rupees. We will also contact other departments, including Enforcement Directorate (ED) and Income Tax," added Ludhiana Police Commissioner.Further investigation is underway in this matter.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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