Indore, Jul 26 (PTI) Police have arrested eight people after conducting searches at the locations of six investment advisory firms here in Madhya Pradesh for allegedly duping stock market investors from various states, an officer said on Sunday.

These firms were allegedly being operated in violation of the Securities and Exchange Board of India (SEBI) norms, he said.

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"Nine locations of six advisory firms were raided on Saturday after the police received more than 50 complaints of cheating investors," Additional Superintendent of Police (ASP) Rajesh Dandotia told reporters.

The arrested persons included directors of some of theses firms, he said.

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The police are investigating complaints like wrong official address and cheating against these firms, the ASP said.

Employees of these establishments had allegedly presented themselves as investment advisors and usurped money of investors by not opening demat accounts for investment in stock markets, he said quoting the complaints.

Many complaints were received against these firms from investors in Chhattisgarh, Maharashtra, Gujarat, Punjab and other states, the police officer said.

The police had taken action against such dubious firms located in the city in the last three years.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)