Broker firm chief held for Rs 4.49 crore fraud

A director of a broker company has been arrested for defrauding another frim of Rs 4.49 crore on the promise of providing 20,000 shares from the National Stock Exchange.

According to the police, the owner of R9 Wealth India Pvt Ltd and Delhi Fin Investment Solutions, 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 Pvt Ltd. The company paid the broker firm Rs 4.49 crore on June 17. But the broker firm neither gave any shares to his firm nor returned the money.

Following the complaint, an FIR was registered at the Sector 29 police station. While investigating the case, a team of the Economic Offences Wing-1 of the police arrested the accused from the Delhi Airport on Friday. The accused has been identified as Ravi Chauhan (45), a native of Kolkata.

“The accused revealed that he had suffered significant losses in his business and in an attempt to recover them he defrauded the firm owner on the promise of providing him with shares. We are questioning the accused,” a police spokesperson said.