A case of alleged inventory market funding fraud has come to mild in Visakhapatnam, the place an individual from Jharkhand state is claimed to have deceived roughly 15 locals, swindling off at the very least Rs 2 crores from them. The deceitful actions had been centred round false guarantees of profitable returns the accused particular person promised to the victims. The matter was dropped at the eye of the town police throughout the Spandana grievance programme held on 10 July, when the affected people raised a grievance.

In keeping with police authorities, the accused, recognized as Rahul, had established an workplace at Satyam Junction, posing as a buying and selling knowledgeable. Exploiting this guise, he allegedly befriended a number of folks and picked up vital sums of cash from them, guaranteeing earnings. Reportedly, the victims, inserting their belief in Rahul, had invested various quantities starting from Rs 50,000 to lakhs.

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Rahul’s sudden disappearance from his residence at Birla Junction raised suspicions, as he had ceased all communication along with his shoppers for the previous two months. It was solely after the victims realised that they’d fallen prey to his scheme that they determined to file a grievance. Consequently, the ‘Spandana’ grievance relating to the inventory market funding fraud was transferred to the MVP Police Station in Visakhapatnam on Tuesday, 11 July.

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