Stockbroker 'dupes' investors of Rs 1.69 cr to fund his wedding

Stockbroker 'dupes' investors of Rs 1.69 cr to fund his wedding

Stockbroker 'dupes' investors of Rs 1.69 cr to fund his wedding
A 33-year-old stockbroker devised a rather ingenious plan to fund his wedding. He lured a lawyer and two others to invest along with him in stock business. He took Rs 1.69 crore from them but spent the money on his wedding, police said.

The RT Nagar police registered a case against Pavan Kirthi V, 33, (in pic) a stockbroker at Shilpa Stock Broker Private Limited (SSBPL), after the victims filed complaints. Kirthi, who also owns Essveor, an apparel store on Commercial Street, is accused of cheating Muttu P, a lawyer from Kammanahalli, of Rs 1.05 crore, Shashikala K T, a resident of Ganganagar, of Rs 32 lakh, and Yatish from MS Palya of Rs 22 lakh. He has been booked under IPC sections 504 (insult), 506 (criminal intimidation), 406 (criminal breach of trust) and 420 (cheating).

According to police, Kirthi didn’t have enough money for his wedding three months ago. He decided to dupe gullible people by prodding them into investing in stock business. He first targeted Shashikala, a regular customer at his store. He showed her an SSBPL licence to buy, sell and trade shares. He offered her 7-9% interest per month on her investment. She invested Rs 28 lakh. She also lent him Rs 4 lakh for his wedding, Shashikala stated in the complaint.

Kirthi then took Rs 10 lakh from his friend, Yatish, on the pretext of investment and borrowed Rs 12 lakh for the wedding. He had met Muttu through a common friend. He cooked up a story of attractive profit in the share business. Though Muttu did not have any idea about the share market, he agreed to invest Rs 1.05 crore with Kirthi.

“Kirthi created fake statements about the profit and gave them to the victims. But when he delayed the payment of interest, they grew suspicious. Shashikala approached the SSBPL management, checked her account and was shocked to see zero balance,” a senior police officer told DH.

Muttu and Yatish also had zero balance in their accounts. They produced the statements given by Pavan. The SSBPL management said that it had neither issued the statements nor did Kirthi invest the money. The trio then confronted Kirthi, but he allegedly refused to return their money. He even abused and threatened to kill them. Police have also booked Kirthi’s parents Vasudevan and Lakshmi and his elder brother Jaiprakash as they were named in the complaints.
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