The private firm cheated about 1500 investors by convincing them that they would gain high profits by investing in stock markets. The investors were cheated to the tune of Rs. 100 crore.
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Hyderabad: A private firm from the city has reportedly cheated investors to the tune of over Rs 100 crore by promising high returns for their investments in the stock market.
As per available information, the management of The Penguin Securities, Ganesh Nagar, Chintal, Jeedimetla, managed to convince investors that investing in the stock market would fetch them high profits.
Believing their deceptive words, about 1,500 people invested in the company, with the total investment amounting to over Rs 100 crore. Bonds were also given to the investors to make them believe the investments and returns were genuine.
Recently, the company has stopped its operations and the management went unreachable to the investors. The victims, who realised that they had been cheated, approached the Jeedimetla police station and filed a complaint.
Based on the complaint, a case was booked and is being investigated. Efforts are on to nab the members from the company’s management.
