UP doctor arrested in stock market scam

A Lucknow resident wanted in multiple cases for cheating shareholders across India was finally arrested by Thane crime branch this week. The accused is wanted by CBI as well as the Economic Offence Wing of Kolkata in a scam where he created fake companies and traded their shares.

On January 29, Thane crime branch unit 1 arrested Dr Prithipal Ramsingh Sethi, 63, for cheating shareholders across India. Sethi is wanted for various economic offences across India. A case was registered against him in Chhattisgarh under the Prize Chits and Money Circulation Schemes Banning Act, 1978 and sections 420, 409 and 34 of the Indian Penal Code in 2015.

"The accused floated duplicate companies and cheated investors by selling their shares in the stock market This is a scam which runs into crores as he did this across India," says senior police inspector Nitin Thakare, crime branch unit 1, Thane. In Chhattisgarh, he created a fake company called Tobo Retail Market Limited and appointed one Shivanand Ramsahay Mishra, 51, as its director. Later, he took investors' money and ran away.

For three years, he was staying at Jogeshwari and was active in Mumbai and Thane, it has been learnt. It was the Chhattisgarh police who informed Thane crime branch that on January 29, Sethi was to visit his godowns at Bhiwandi Bypass road. "We laid a trap but he did not come. Later we caught him from Thane bus depot station," says Thakare.

Sethi was produced in court and has been sent to judicial custody till February 6.