Rs 100 crore stock market scam: Penguin Securities in Jeedimetla shuts shop; 1,500 investors duped

Hyderabad: Penguin Securities, a city-based firm, has allegedly duped more than 1,500 investors of over Rs 100 crore. The firm promised high returns from stock market investments before abruptly shutting down operations and disappearing.

Operating out of Ganesh Nagar, Chintal, Jeedimetla, the firm gained the trust of investors by issuing formal-looking bonds and claiming to offer lucrative profits through stock trading. Many victims were persuaded to invest their savings, believing the operation to be legitimate.

Trouble surfaced when the company recently ceased all activity, and its management became inaccessible. Suspecting foul play, investors filed complaints with the Jeedimetla Police, prompting the registration of a case.

A police investigation is currently underway, and efforts are being made to trace the firm’s management. Authorities are also examining how the firm operated without raising red flags.

This incident highlights growing concerns about unregulated investment schemes and the vulnerability of retail investors drawn in by the promise of quick profits.