Imposters posing as SEBI analysts con Ahmedabad entrepreneur of ₹75 lakh

Social entrepreneur and public speaker Ruzan Khambhatta was conned of ₹75 lakh by a duo who posed as Securities and Exchange Board of India (SEBI) accredited research analysts.

On Sept 2, Ahmedabad crime branch registered a complaint against the Mumbai-bused duo Mukesh Arora and Preeti Biju for conning Khambhatta under various IPC sections. 

Imposter duo set up a strong impression

The beginning of their scam dates months back, when the duo got in touch with Khambhatta over X, on which the duo presented themselves as certified SEBI research trade analysts.

As the exchange between the two parties progressed, they added Khambhatta to a WhatsApp group that posted messages related to trade benefits.

To initiate further association, the duo, who claimed their office to be in Kandivali, Mumbai, travelled to Ahmedabad, where they first met Khambhatta over coffee near Panchvati circle.

They presented a certificate to Khambhatta affirming their affiliation with SEBI as research trade analysts and deluded the victim further, who was eyeing profits from the stock market.

The duo then set up a demat account for her, alongside her already existing one, and carried out trading through it.

Khambhatta lost heavily in this scam

As her account was registering successive losses, the duo assured Khambhatta that she would recover the amount. But by then she had nearly lost ₹75 lakhs.

This prompted her to inquire in SEBI regarding them, and it was revealed to her that the duo had no such affiliation with the board. She also found out  that many others had also fallen victim with the same modus operandi. 

Following this, Khambhatta approached the crime branch, and the probe is currently underway against the two accused.

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