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| CB registers cheating case against Anand Rathi securities | | | Early Times Report
Jammu | Sept 15
Crime Branch today registered a formal case against regional head Davinder Singh, general manager and other officials of Anand Rathi Securities Ltd on alleged charges of transferring an amount of Rs.18.50 lakhs of the complainant Babita Baliar Singh in the share market without her consent.
Senior Superintendent of Police, Crime Branch Jammu said here today that Babita Balbir Singh w/o Ashok Kumar r/o Bahu Apartments Gandhi Nagar lodged a written complaint in the Crime Branch alleging therein that in the month of May, 2007 the branch manager of M/S Anand Rathi Securities came to her residence and urged her for operating of trade account with them. On assurance that the company is registered with SEBI, she opened an account on August 8, 2007 and transferred Rs. 20.09 lakhs in the said account. On inquiry she was told that the money in question has been transferred in the stock market.
In the complaint it has been submitted that complainant approached SEBI and NSE in writing on March 26, 2008 but no response was given, she alleged that M/s Anandrathi Securities Branch Jammu has indulged in unauthorized buying and selling of stocks out of trading accounts of her without her consent and knowledge. She alleged that company has misused her amount deposited with the criminal intention to cheat her. On receipt of this complaint, Crime Branch initiated preliminary enquiry and during the course of enquiry it has been established that M/S Anandrathi Securities Limited through Regional Head Davinder Singh Jamwal and its General Manager, in conspiracy with other official of the company, had transferred an amount of Rs 18.50 lakhs of the complainant in Share Market without her consent thereby earning on brokerage of Rs 1, 54, 815 at the cost of the complainant.
The SSP said that during preliminary enquiry it has also been established that the rules of SEBI have not been abided by the company. On the part of the regional head Davinder Singh Jamwal, General Manager and other Officials constitute an offence u/s 420, 467, 468, r/w section 120-B RPC and investigation is started. However, no arrest has been made so far by the Crime Branch Jammu, he added. |
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