Owners of investment firm sans SEBI licence booked

Tribune News Service

Bathinda, November 16

The police have booked two persons of a city-based investment firm for forging documents and indulging in embezzlement running into crores of rupees.

The owners have been booked under SEBI (Securities and Exchange Board of India) regulations for not acquiring a licence to run the firm.

According to the police, the investment firm based in the Civil Lines area had taken money from investors by promising them hefty return on investment.

The accused have been identified as Gurdeep Singh and Amardeep Singh, directors of the firm.

The police said the amount involved in the embezzlement is not known as of now and investigation was on to identify the number of investors and their location.

Rashpal Singh, Station House Officer, Civil Lines, said, “The investment firm did not acquire licence and due permission to operate. Prashant Saran, a SEBI official from Mumbai, after receiving a complaint from one of the investors, informed the Chief Secretary of Punjab to look into the matter, who in turn notified the Bureau of Investigation, Punjab, which further informed the Senior Superintendent of Police (SSP), Bathinda. After taking legal opinion in the matter, the SSP ordered investigation. We have booked the two directors of the firm under Sections 420 and 120-B of the Indian Penal Code (IPC). The relevant sections of SEBI are also being applied on both accused.”

Singh added, “The accused are absconding and we have launched a manhunt to nab them. We are conducting investigation in the matter to find out how much money was deposited with the firm, how many investors were involved and what was the modus operandi of the investment firm? There is a stark possibility of embezzlement of crores of rupees by the investment firm.”