Police in Nalasopara have registered a case against 15 people in connection with an alleged investment operation in which callers approached prospective investors using the name of a firm claiming registration with the Securities and Exchange Board of India (SEBI). Investigators suspect the registration claim was false and are examining allegations involving customers’ banking credentials and unauthorised trading activity.
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Police Raid Investment Calling Operation
The alleged operation came to light on October 23 after Babarao Dattahari Bhutale, 28, a police officer attached to the cyber cell of Nalasopara police station, received information about suspicious activities.
Following instructions from senior officers, a police team raided a room in Nalasopara West.
Several individuals were found speaking to customers on mobile phones, with lists containing names and telephone numbers placed before them.
Callers Claimed SEBI Registration
During questioning, Sheetal Shyamnarayan Yadav, 27, allegedly identified himself as the operation’s manager.
According to the complaint, callers approached potential investors on behalf of an organisation called For Invest 2 Gain Research, claiming it was registered with SEBI.
They allegedly advised customers on investments in various stocks. Police suspect that the firm’s claim of regulatory registration was false.
Alleged Collection of 30% of Profits
Investigators found that callers were supplied with mobile numbers obtained from external sources and used these contacts to approach prospective investors.
The accused allegedly collected 30% of the profits generated from investments, using a payment scanner provided by Yadav.
The complaint further alleges that customers who complained after suffering investment losses had their mobile numbers added to a blacklist.
Bank Credentials and Trading Accounts Under Investigation
Police are also investigating allegations that the accused obtained customers’ bank account details and passwords.
Investigators suspect that mobile phones or laptops were used to access customer accounts and conduct trades linked to the Nifty and Sensex indices.
The complaint mentions an amount of ₹8.87 lakh, while police reported seizing items worth ₹8.57 lakh during the raid.
Fifteen People Named in Police Complaint
Besides Yadav, the complaint identifies several other individuals allegedly associated with the operation, including Dinesh Ramroop Yadav, Rohit Shyamnarayan Yadav, Anuj Saroj Pal and Om Kamlesh Upadhyay.
The complaint also names other individuals, including a minor whose identity has been withheld.
Criminal Case Registered, Investigation Continues
An FIR has been registered at Nalasopara police station under Sections 316(5), 318(4), 336(3) and 61(2) of the Bharatiya Nyaya Sanhita, covering alleged criminal breach of trust, cheating, forgery and conspiracy.
Section 66(D) of the Information Technology Act, concerning cheating by personation using computer resources, has also been invoked.
The investigation remains ongoing.
The420 Insight: The Risk Behind Unverified Investment Advice
The case highlights the risks associated with investment services claiming regulatory approval without verified credentials. Allegations involving banking passwords, account access and trading activity underline the importance of checking SEBI registration before sharing financial information with investment advisers.
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