Four proprietors of various investment advisory firms operating from Indore have been arrested for allegedly cheating investors of thousands of crores of rupees all over the country, police said Saturday.
Cyberabad police said in a release Rs 3.63 crore has been seized from the firms.
Acting on separate complaints, a police team visited Indore and conducted raids on the firms and apprehended the accused with the help of local police and SEBI, Indore, it said.
The complainants alleged that they were asked to take their tips for share trading and made to pay registration and other types of fees.
The firms allegedly did not provide the tips or the tips provided by them were not useful, according to the release.