Man held for illegal share trading, duping Rs 18.5 crore from company
Oct 29, 2020
New Delhi [India], October 29 : The Economic Offences Wing of Delhi Police has arrested one person on Wednesday for alleged illegal and unauthorized share trading in his personal and family accounts and causing a loss of Rs 18.50 crore to a private company.
The accused Ajay Oberoi allegedly caused a loss of Rs 18.50 crores to Exponential Financial Services Private Limited, a company in the business of trading shares, where he was appointed as an accountant and soon became the operational head/principal officer, as per an official statement.
"It is alleged that Ajay Oberoi, in conspiracy with his associates, siphoned off company funds by illegal trading. He sold shares of other clients in the company without the permission of the company or the clients. He has further been accused of unauthorized trading in the company's account by forging the signatures of the directors on the cheques," the police said.
"By misusing his fiduciary position and control over the affairs of the company, Ajay Oberoi had committed massive fraud by illegally and unauthorisedly trading in stocks and derivatives market in his personal, family accounts, also in the account of a peon of the company as well as in other company accounts," police added further.
Further investigation in the matter is underway.
