NEW DELHI: A 44-year-old man was arrested by the Delhi Police for cheating people on the pretext of giving them high-profits through the share market, an official said on Tuesday. The accused, identified as Mayank Palan, a resident of Ahmedabad, Gujarat, was arrested from a hotel in Jaipur, Rajasthan.
Furnishing details DCP (Economic Offence Wing) Jitendra Kumar Meena said some complainants had alleged that accused Mayank Palan met them and lured them by showing huge profit returns for those who had invested in the stock market through him in his day trading.
“Initially, the complainant invested some amount and the accused showed some good profit. After going through this rosy picture, his other known people also invested through accused Palan. Later, while a substantiated amount was invested by the victims, their trading account resulted in a loss. After that, the accused turned off his mobile phone and fled,” the DCP said. Accordingly, a case was registered under relevant sections of law and a probe was initiated.
The senior official said during the investigation, victims were examined, and found that their trading accounts resulted in loss due to the deliberate act of accused Mayank Palan, whose intention was only
to cheat the victims from the beginning.
“The accused used to paint a rosy picture of a significant return on investment for the victim in daily trading, presenting himself as a mastermind and a high-profile manager in this field, whereas he was not an authorised expert in the share market and reported to be banned by SEBI, as he was playing in the name of Manish Harish Thakkar,” the official said.
During the investigation, Palan’s whereabouts were searched through technical surveillance analysis.
“He used to stay in different hotels paying huge rent and presenting himself as a reputed and educated high-profile share trader. He was located in Jaipur, and ultimately he was arrested at the Hotel Comfort Inn, Jaipur, where he had been staying for some days,” said the official.
The accused used to obtain the IDs and passwords of the trading accounts of the victims and operates on their behalf. Once victims got trapped, he cheated them and then shifted his location to another city, leaving no clue behind and turning over his contact as well. “He used to target opulent businessmen and represent himself as a portfolio manager registered with SEBI, the offcials added.
During interrogation, he revealed that he had previously made bases in Goa, Ahmadabad, and New Delhi to cheat innocent investors in the share market. Further investigation of the case is in progress, the official added.
‘Accused is reported to be banned by SEBI’
Mayank Palan used to paint a rosy picture of a significant return on investment for the victim in daily trading, presenting himself as a mastermind and a high-profile manager in this field, whereas he was not an authorised expert in the share market and reported to be banned by SEBI, as he was playing in the name of Manish Harish Thakkar. He used to stay in different hotels paying huge rent
and presenting himself as a reputed and educated high-profile share trader. e was located in Jaipur, and ultimately he was arrested at the Hotel Comfort Inn, Jaipur, where he had been staying for some days,