New Delhi, Aug 25 (IANS) The CMD and a Director of Amrapali Adya Trading and Investment Pvt Ltd (AATIPL) have been arrested by the Delhi Police’s Economic Offences Wing in a case of cheating and embezzlement of shares of 124 persons worth around Rs 100 crore, police said on Tuesday.
AATIPL Chairman and Managing Director Sanjeev Kumar Sinha and Director Narayan Thakur were arrested on Monday after raids at various place. They face charges of cheating, criminal breach of trust and criminal conspiracy in a case registered at police station EOW in September 2017 on a joint complaint of Pawan Kumar Chaudhary and 30 others.
The complainants alleged that without knowledge and permission of its clients, AAITPL had transferred shares of its clients to its pool accounts, pledged them for availing funds, and even sold them, but did not make any payment to the clients concerned, police said.
During investigation, more aggrieved persons came forward and submitted written complaints with similar allegations.
“Total number of complainants is 124 till date and the worth of their shares is Rs 100 crore (approximately). During investigation, complaints from the NSE and the SEBI have also been received,” said Joint Commissioner of Police, EOW, O.P Mishra.
During investigation, accounts of the company were frozen while replies from queries made to the National Stock Exchange and the Securities and Exchange Board of India showed that the record of the alleged company for the period April 1, 2016 to March 31, 2017 was falsified to conceal the full facts of receipt and payment of funds from and to Globe Fincap Pvt Ltd.
The record of AATIPL, obtained from the Registrar of Companies, revealed that the said company was incorporated on October 23, 1998 in the name of Adya Trading and investment Pvt Ltd and in 2010, its name was changed to the present one
“The accused persons hatched a well-planned conspiracy and they lured shareholders to trade through their company and assured them of lucrative incentives. They transferred shares of its clients to its pool accounts, pledged the shares without knowledge and consent of its clients for availing funds, and sold them through its employees’ accounts,” Mishra said.