Mata Ramabai Ambedkar (MRA) Marg Police Station in Mumbai registered a case of fraud against eight people for allegedly defrauding a trader in Rajasthan of around Rs 1.07 crore. The main accused duped the complainant and others after he claimed to be an authorised SEBI trader. The case was transferred to the Economic Offences Wing (EOW) of Mumbai police who suspect a bigger fraud racket. The complainant Nandlal Saini (39) is a businessman from Rajasthan. He received a phone call in June 2023. The caller identified himself as Ashish Dubey, an authorised advisor of SEBI, speaking from Ashwini Solutions Consultancy. He promised Saini he would help him earn a good profit if he traded in the market as per his advice. Saini was convinced. On Dubey's advice, Saini first deposited Rs 3.5 lakh in his bank account in three weeks. Saini was then added to a Telegram group of Dubey's Ashwini Solutions. Saini's demat account was also opened in another firm of Dubey's, Ali's Blue Financial Service Private Limited. Saini deposited Rs 20 lakh in the said demat account. After that, Saini started trading as per Dubey's advice, but suffered losses. When Saini called Dubey about this, he assured that he would manage his demat account himself and cover the losses, the police said. Saini then deposited another Rs 48 lakh in the demat account as per Dubey's advice. This amount was also lost in trading. After this huge loss, Saini stopped dealing with Dubey. He then got a call from one Ravi Patel, who lured Saini saying he could recover the losses and do profitable trading. Patel gave him his partner's number. Saini called the number and a person named Prashant received the call and asked him to deposit Rs one lakh and follow his instructions. Saini did whatever Prashant and his team members told Saini, but instead of earning a profit, again he suffered a huge loss. The complainant was made to deposit more money by Patel, Prashant and their other associates to recover the entire loss. The complainant paid the amount in installments. But once again incurred a loss. Later, when Saini checked the details of trading done y Saini through his demat accounts, he was shocked to discover Dubey had not done any trading from his account and was lying to him by saying he suffered the losses. Saini went to check the office of the accused persons and found that they had no office on Dalal Street, a police officer said. Later, it was revealed that the accused person showed Saini bogus documents to show he suffered losses in trading, when in reality they were using his money for wrongful gains, the officer added. Saini approached the police and filed a complaint. The police booked eight persons accused of fraud and suspect they similarly duped many other people.
