Unauthorized stock advisor caught with demat account data

Rajkot: Junagadh police on Tuesday apprehended a self-proclaimed stock market advisor who was charging people money for stock tips without being authorized to do so. Police also found personal data of 10 lakh demat holders in his possession, and are probing how he got it. Investigators said the case serves as a warning to those hoping to make profits from the stock market based on tips from social media. Junagadh local crime branch arrested 30-year-old Ravi Gohil, who also owns a business called Ganesh Offset in Keshod, and booked him for cheating and impersonation.Gohil allegedly claimed to be a stock market expert and would charge people for monthly, quarterly, semi-annual, annual and lifetime ‘subscriptions' and provide stock tips. Investigators found Gohil had studied till Class 12. He claims to have taken private courses relating to the stock market. Deputy superintendent of police Hitesh Dhandhalia told mediapersons that local crime branch sleuths had received intelligence that Gohil was posing as a stock market advisor on social media and various websites and was charging money for stock tips. A police team went to his office in Keshod and questioned him, where it was found that he was not registered with Sebi. He was found to be running a WhatsApp group called ‘Maruti Capital', which had people from several states. Police seized computers, phones and pen drives with data on his ‘subscribers'.According to Sebi rules, individuals providing stock market tips and charging for them must be registered as investment advisors or research analysts. Police stepped in here as a preventive measure and to raise awareness among the investing public.Inspector Jatin Patel of Junagadh local crime branch said, "Gohil initially gave demos to people and later added them to a WhatsApp group, where he would give stock market tips. We found data on some 10 lakh demat account holders — their names, mobile numbers, email addresses and user IDs — in his office. He would charge Rs 3,000 a month or Rs 8,000 to Rs 9,000 for ‘lifetime access'." Police are scrutinizing his bank statements. He was charging money for stock tips for about two years.

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