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Two held for illegal stock brokering

Staff Reporter

NEW DELHI: A 47-year-old chartered accountant and his son, both directors of a broker firm, have been arrested by the Economic Offences Wing (EOW) of the Crime Branch on charges of indulging in fraudulent activities causing financial losses to their clients.

The EOW received a complaint from Nitin Goel, the proprietor of M.N. Commodities Trader, alleging that the directors of Abhipra Commodity Consultants were conducting bogus commodity transactions. The complainant's company had appointed Abhipra as its broker since July 2004. The police found that on behalf of the client, huge transactions were done through various exchanges and daily statements for the transactions were furnished to M.N. Commodities till December 2005.

However, Abhipra suddenly stopped sending them details of the transactions made through National Multi Commodity Exchange. When Mr. Goel came to know that Abhipra was in a financial crisis, he asked its directors for Rs. 5 lakh as a cover to his investments. But they evaded the complainant on various pretexts. The police claim to have found that the Abhipra directors caused losses to their clients of about Rs. 49 lakh.

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