SEBI has busted an attempt by a person posing as mutual fund agent acting on a complaint received from an investor in Delhi.
The complainant said that some persons posing as mutual fund and insurance agents told him that his deceased son had made investments in mutual funds which were maturing in a short while. The complainant was told that in order to receive the full amount, he must issue a cheque in advance for a new mutual fund scheme or insurance policy failing which the complainant will lose a substantial portion of the maturity amount.
The agent informed the complainant that if he makes a further investment of Rs 2.5 lakh he will get maturity proceeds of Rs 12.50 lakh.
Acting upon the complaint, the investigations department of SEBI conducted preliminary investigations where it was found that the phone numbers from which the agent had called were in some others' name and the company was also in a different name.
Sensing a clear attempt to defraud, SEBI deputed an official to visit the complainant at the time of the visit of the 'agent'. The assistance of the Economic Offences Wing of the Delhi Police was also taken. After preliminary enquiries, SEBI found that there was an organised attempt by several people to defraud and mis-sell. An FIR to that effect is also being lodged with Delhi Police.
“It is suspected that the number of victims of such fraudulent attempts could be much higher, which would be revealed in due course after further investigations by Delhi Police and SEBI. SEBI cautions investors that investors should verify the credentials of people approaching them as agents / employees before making any investment through such agents / employees,” said SEBI.
