Investment Fraud Uncovered: Adviser Arrested in Multi-Crore Scam

The Madhya Pradesh police have arrested Ghulam Moinuddin, the owner of an investment consultancy firm, for allegedly defrauding investors in Indore of approximately Rs 6 crore. The arrest took place in Bengaluru on Monday after local investors filed a complaint.

According to Rajesh Dandotiya, Additional Deputy Commissioner of Police, Indore's Crime Prevention Branch, Moinuddin, aged 40 and a resident of Karnataka, was operating the investment advisory firm and lured investors with promises of substantial profits in the stock market.

Investors were misled into believing that their money could double within three to four months if invested in the stock market. The police are currently interrogating Moinuddin and examining his movable and immovable assets as part of the ongoing investigation.

(With inputs from agencies.)