Young man dupes 1900 stock market investors of Rs 100 crore

Lokmat News Network

Chhatrapati Sambhajinagar:

In a bizarre incident, a well-educated young man allegedly duped around 1,900 investors of Rs 100 crore by promising a 15 percent monthly return on investments (RoI) in the stock market for a fixed period. The accused, identified as Manojraje Vishnu Bhosale (35, Maulinagar, Beed Bypass), is now on the run. The fraud came to light after angry investors filed a complaint at the Police Commissionerate on Monday.

According to the investors, Manoj established a company called S.M. Growth in 2021, claiming it was a stock market trading firm. He persuaded many to invest in it, promising a 15 percent return for investment periods of 10, 15, or 20 months. He even set up an office in Khivansara Park, Ulkanagari. Until December 2023, some investors received returns, but after that, he stopped payments, citing audit issues. He continued to give assurances via Zoom calls but disappeared after March. Investors claim that nearly 2,000 people from the city and Vasmat were lured by this promise and collectively defrauded of around Rs 100 crore.

Driven to suicide

Manoj's parents are teachers, and his family resides in the Professor Colony in Kannad. Distressed investors searched for him at his Khivansara office and home but couldn't find him. Manoj had partnered with Sunil Uglamugle from Garkheda to start the company. However, due to Manoj's deceit, Sunil became overwhelmed with stress and tragically committed suicide on February 20. Following a complaint by Sunil's wife, Sukanya, a case was registered against Manoj, along with Sonam Bhalla and Naresh Bhalla, at the Pundliknagar police station in March.

Office vacated

As investors began pressuring Manoj for their money, and with the case filed for abetment to suicide, Manoj went into hiding. A few months ago, he had started purchasing luxury cars and eventually closed his Khivansara office. The office now has a "For Rent" sign displayed. The Economic Offence Wing (EoW) has asked the investors to provide all necessary information on Tuesday.