MP cops raid 12 firms, arrest 9 people after investor plaints

Twelve investment consultancyfirms in Indore in Madhya Pradesh have been found violatingSecurities and Exchange Board of India (SEBI) rules, policesaid on Sunday

The irregularities were revealed after raids wereconducted on these firms following complaints over the pastone week from 65 investors hailing from Madhya Pradesh,Chhattisgarh, Maharashtra, Gujarat, Uttar Pradesh, said IndoreCrime Branch Additional Superintendent of Police RajeshDandotia

"These investors have complained that the firms hadtrapped them with false advice of high returns from sharemarkets, leading to heavy monetary losses. We have arrestednine people, six of whom are directors in ten firms," saidDandotia.