The economic offences wing (EOW) of Mumbai Police has registered a case of cheating against the troubled stock-broking house, Anugrah Stock & Broking Pvt Ltd, for duping an investor of Rs8 crore. As Moneylife
has reported in the past
, the extent of investor losses in Anugrah could be as high as Rs1,000 crore and investigators have confirmed that more complaints having been subsequently coming to the EOW.
The case was registered by Ashutosh Shah at Juhu police station against the firm’s director Paresh Kariya, and Kalap Shah and Anil Gandhi of Teji Mandi Analytics and others, under criminal breach of trust and criminal conspiracy. However, no arrests have been made yet.
Speaking to the Times of India, EOW chief Rajvardhan Sinha said, “We have received several complaint applications against the stock broking firm and others. A case has been registered and our teams are gathering details about the case.”
The complainant was introduced to Anugrah by Teji Mandi Analytics, one of its many sub-brokers and was promised a 15% monthly profit/interest. He is one of the many investors who were lured in with promises of high returns and has now chosen to act by filing a complaint with EOW.
During an inquiry, Mr Kariya has told the police that Anugrah has suffered losses of Rs600 crore and, hence, was not in a position to return the money to the complainant. Moneylife
had also reported earlier
that NSE had withdrawn all of the brokerage firm’s trading rights in the Future and Options (F&O), currency derivatives and commodity derivatives segment, on account of the regulatory concerns it had observed.
Investigation has been revealed that Mr Kariya had invested the complainant’s money in F&O and had also pledged his clients’ shares worth more than Rs100 crore to get a trading margin. Some of those shares were purchased using the complainant’s funds.
Mr Kariya has reportedly told the EOW that he suffered losses this year when the market crashed and that the clearing house had squared off his pledged shares, subsequently selling them at a lower price during this time. However, as one EOW officer pointed out, he had failed to keep his clients informed about the losses in the market. We have also recently learned
that losses in the market are not entirely to blame for the present situation at Anugrah, as there have been indications that two ledgers were maintained for clients and regulators separately, a clear indication of fraud.
As per the latest update, a team led by senior inspector Rajesh Kelwe and assistant police inspector Deodikar of the EOW has carried out searches at Mr Kariya’s premises.
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