2 men posing as SEBI agents to dupe investors arrested

Shah, who was arrested last month, allegedly claimed to be a SEBI official and duped nearly 25 individuals out of over Rs 11 crore. According to the police, the accused used the invested money to purchase flats, shops, and luxury cars.

The recently arrested accused had purchased two cars, including a Fortuner and an MG Hector, worth approximately Rs 55 lakh. Two mobile phones were also seized from their possession.

Earlier, the police had recovered Rs 1.67 crore in cash, gold bars worth Rs 1.42 crore, and four flats valued at Rs 9 crore from Shah. The police stated that Shah was active in Mumbai and the Mira Bhayander area.

Several investors from South India were among the victims who invested money in his schemes and lost it. The accused have been produced before the court and remanded to police custody.