Woman held for cheating Rs 87 lakh posing as share market expert

The police said the accused, M Amudha, approached the victims claiming to be working as an assistant to the managing director of a company that is into share market business and convinced them that she knows the nuances of the market to make a profit.

She collected money from the victims on the offer of investing it in the right shares that would fetch them a tidy profit. But she deposited Rs 53 lakh in different bank accounts in her name and another Rs 35 lakh in her friends’ accounts.

Based on a complaint from one of the victims, the Entrustment Document Fraud wing registered a case in 2019, but Amudha went absconding.

The case was dusted off again and Amudha was arrested from Madurai.