MP: 2 held for duping investors after posing as SEBI official

The Special Task Force (STF) of Madhya Pradesh on Monday arrested two men for allegedly posing as a Security and Exchange Board of India (SEBI) official to dupe investors in different states.

Youvan Vishwakarma (25) and Mihir Hardia (21) have studied till Class XII and worked in an investment advisory firm, against which a cheating case has already been registered, STF Superintendent of Police Padmavilochan Shukla told reporters.

"The accused, through contacts working in different investment firms, collected data of investors and started calling them. During the conversation, the accused would introduce themselves as SEBI deputy general manager Nirmal Mehrotra, who is posted in Indore, and threaten them with action if they did not pay GST on their investment," Shukla said.

The accused duped investors by forcing them to deposit money in their bank accounts.

A complaint was received against them from Telangana and two from Gujarat, he said.