Stock market scam prompts police probe in Kanpur

.Kanpur: A financial scam involving Rs 1.58 crore was uncovered in which several people were deceived with assurances of stock market gains. The victims sought judicial intervention after receiving no assistance from the police.

The perpetrators established a share trading enterprise in Chakeri and successfully convinced about twelve people to invest Rs 1.58 crores with assurances of substantial stock market returns. Later, they shut down operations and vanished. Upon discovering the deception, the victims initially approached the police station, but due to inaction, they were compelled to seek legal recourse.

Following court orders, police initiated an investigation and registered an official complaint. Rajesh Kumar Uttam, who resides in Hanspuram, Naubasta, said that in 2023, he encountered Jitendra Kumar from Jajmau and Amarpal from Ghaukheda. The duo, claiming to operate a share trading firm, assured profitable investment returns. Rajesh, along with twelve others, invested Rs 1.58 crore in their stock market venture.

After waiting considerably, the investors neither received their promised returns nor their initial investment.

Upon realising the deception, they approached the local police and senior police officials in September 2023, but received no response. Subsequently, they presented their case before the court with supporting documentation.

Station officer Santosh Kumar Shukla said that a case was registered under relevant fraud sections, and appropriate action is underway.