EOW solves Rs 100 cr cheating case, arrests CMD, director of trading firm
Aug 25, 2020
New Delhi [India], Aug 25 : The Economic Offences Wing of Delhi Police solved a case of cheating to the tune of Rs 100 crore, with the arrest of two accused who are top-level officials of a trading and investment company.
The two accused, Sanjeev Kumar Sinha and Narayan Thakur, who are the Chief Managing Director (CMD) and Director respectively, of Amrapali Adya Trading and Investment Pvt Ltd, were arrested on Monday following a raid by the investigating team.
A joint complaint was received by the Delhi Police's EOW with the complainants alleging that without knowledge and permission of its clients, the company had transferred shares of its clients to its pool accounts, pledged shares of its clients for availing funds, sold its clients' shares through its employees accounts and made payment to none of the clients.
An FIR was registered at the Police Station, EOW regarding the same and they began investigations. During this several others also come forward with similar complaints against the company taking the number of aggrieved to 124 and the sum total of their shares to about Rs 100 crore.
Complaints from the National Stock Exchange of India (NSE) and Stock Exchange Board of India (SEBI) were also received during the course of investigations.
The accounts of the company were debit freezed and the modus operandi of the accused was revealed.
The accused used to lure shareholders to trade through their company by assuring them of lucrative returns. They would transfer the clients' shares to their pool account, and pledge them without knowledge and consent of its clients for availing funds. They also sold these shares through employees' accounts.
The investigating team carried out raids at various locations and nabbed the duo on Monday. Following this they were produced before the court today. Further investigation is underway.
