Hyderabad: Man arrested for duping investors of ₹4.36 crore in stock scam
Hyderabad police have arrested Namani Karthik, 43, for running a fake stock trading scheme that scammed people out of ₹4.36 crore.
Karthik lured investors by promising a steady 6% monthly return and up to 20% profits through his unregistered company, Explore Technologies.
He even posed as a data science manager at Ernst & Young to gain trust.
The fraud came to light when a retired associate professor reported losing ₹1.35 crore.
How the scam unraveled and what's next
Karthik was caught on November 22 after he went off the radar and kept changing locations to dodge arrest.
Police say several others fell for his promises too, bringing total losses to over ₹4 crore.
Karthik, who has an MCA degree and experience in tech jobs, had filed for insolvency before disappearing.
Investigators are now tracing the stolen money and looking into whether anyone else helped him pull off this scam.