Hubballi Police Bust Rs. 84 Lakh Stock Investment Fraud, Arrest 2 Youths

HUBBALLI, April 2: The Hubballi-Dharwad Cyber police have busted a Rs. 84,11,000 stock investment fraud and arrested two persons in Hubballi on Monday, April 1.

The arrested have been identified as Bharat Jain (27), a resident of Vidyanagar and Ajay Hiremath (23), a resident of Unkal in Hubballi.

Details of the Incident:

According to a complaint registered at the Hubballi-Dharwad CEN crime police, a Vidyanagar resident was duped of Rs. 84,11,000 on the pretext of investing the amount into KKRCA Stock Investment. The fraudsters had promised to give 500% return against the investment but did not give.

A team of cyber police led by inspector B.K. Patil launched the investigation against the complaint. The police found that the accused withdrew the amount from IDFC Bank in Hubballi. Then the police immediately launched a search operation and arrested the accused on Monday.

The police are searching for other fraudsters as well.


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