Hyderabad, April 15: A private share broking company at Nacharam down shutters today duping investors to the tune of several crores.
Police suspect the broker might have collected nearly Rs 8 crore to 10 crore.
The 45-year accused, G Gopalakrishna, a native of Tamil Nadu, came to the city two years back. Initially, he worked in some private stockbroking companies in the city and later set up his own outfit, GGK Share Broker Company in HMT Colony.
Police said he managed to lure investors by offering to pay Rs 10,000 every month for every Rs 1 lakh invested.
Many succumbed to the temptation, and for two years Gopalakrishna was as good as his word.
Two days back, however, he messaged clients over phone saying he had gone bankrupt and would file for insolvency in court.
Today, nearly 20 investors approached the Nacharam police and lodged a complaint against Gopalakrishna, his wife, Priya, and brother-in-law, Ravi.
The total amount collected is yet to be ascertained.
According to police, several investors had approached them with oral complaints but had not produced documents in support of their claims.
Cases have been registered against the trio.
–Agencies