Director of broker company arrested for defrauding Rs 4.49 crore in Gurugram

Gurugram, Dec 6 (PTI) A director of a broker company was arrested for allegedly defrauding Rs 4.49 crore in the name of providing 20,000 shares of the National Stock Exchange, police said on Saturday, adding that the crime was committed through fake settlement.

According to the police, the owner of R9 Wealth India Pvt Ltd and Delhi Fin Investment Solutions firm had filed a complaint that he had entered into a deal to purchase 20,000 shares from the National Stock Exchange through Kalpataru Share and Stock Broking Private Limited. In exchange for which it paid Kalpataru Share and Stock Broking Private Limited Rs 4.49 crore on June 17.

However, Kalpataru Share and Stock Broking Pvt Ltd neither gave any shares to his firm nor returned the money given by him, the complainant added.

Following the complaint, an FIR was registered at the Sector 29 police station.

While investigating, the team of Economic Offence Wing (EOW)-1 of the police arrested the accused at the Delhi airport on Friday. The arrested accused has been identified as Ravi Chauhan (45), a native of Kolkata in West Bengal, police said.

"The arrested accused revealed that he had suffered significant losses in his business, and to compensate for this, he defrauded under the guise of providing him with shares. We are questioning the accused", Gurugram police spokesperson said. PTI COR MPL MPL