At least eight people have complained to police about being cheated by Vinod Juthani, a stock market operator who was arrested on Wednesday for allegedly duping a woman of Rs 47 lakh.

“We suspect Juthani had cheated people of crores. One of the complainants said he had lost Rs 14 lakh,” said detective chief Jawed Shamim.

According to the police, the 54-year-old owner of a share trading agency in Bowbazar would produce forged documents to win the confidence of his investors. “Juthani would take his clients for a ride as soon as they transferred their shares to his demat account,” said an investigator.

The police are trying to find out if Juthani’s company —Riddhi Siddhi Consultants — had branches. “He may have opened offices in Asansol, where he was hiding since the first complaint against him was lodged,” added the officer.