Man dupes investors of Rs 25 crore, lands in crime branch net

Sources said that his modus operandi was to first win the trust of a few persons by providing them big returns for their small investments and then finding new investors through them.
Sunish Nambiar
Sunish NambiarPhoto | Special Arrangement

KOCHI: The Crime Branch on Thursday arrested a man for allegedly cheating over 100 investors by promising “big returns” from the stock market and siphoning off Rs 25 crore.

The arrested was identified as Sunish Nambiar, 44, a native of Kuveri in Kannur, currently residing at Chirakkal village.

A probe by the Economic Offence Wing of the Ernakulam Crime Branch unit found that the accused first registered a company by the name ‘Nam Index Derivatives’.

He then made the investors believe that he was an expert in stock trading and that his company was involved in regular share trading business.

“He used to receive investments by offering an annual profit share of up to 25 to 30%. He made the investors believe that he used to work in the London Banking sector and that he was an expert in Derivative Trading.

His modus operandi was to first win the trust of a few persons by providing them big returns for their small investments and then finding new investors through them,” sources said.

The accused first received investments from two persons working in top positions in the Gulf and won their trust by sending them a big profit share from their own investment.

Through them he made over a hundred people working in the Gulf invest in his company before siphoning off their money.

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