Nagpur: A significant stock market trading fraud involving ₹29.76 lakh has come to light in Nandanvan area.
According to police sources, between November 12, 2021, and August 29, 2023, the accused, identified as Manish Dilip Katkar (36), allegedly deceived residents of New Diamond Nagar by promising high returns on investments in stock market trading.
According to the complainant, Deepak Murlidhar Shivankar (39), the accused gained the trust of locals by claiming expertise in trading and assured them of an 8% profit on investments. Katkar collected substantial amounts from the complainant and four others – Sunil Madankar, Kamlesh Raut, Venkatesh Giripunj, and Nilesh Mankar – via RTGS and Google Pay, amounting to ₹29,76,183.
However, neither the promised returns nor the invested amount was ever returned to the victims. Shivankar filed a complaint with Nandanvan Police, leading to the registration of a case under Section 420 of the IPC.
Further investigation is underway.