The Hindu : New Delhi News : Share broker held for cheating

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Thursday, Aug 13, 2009
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New Delhi

Share broker held for cheating

Staff Reporter

NEW DELHI: A share broker has been arrested for allegedly cheating a 77-year-old retired senior Intelligence Bureau official of Rs.4 lakh on the pretext of ensuring a profitable return through investments in the share market.

G. L. Bhandari lodged a complaint with the Sarojini Nagar police on June 8 alleging that Mahesh Kumar Rathi, who worked for a firm in Vasant Kunj, had cheated him. He first took a cheque for Rs.2 lakh in April 2008 promising him to return Rs.2.3 lakh in three months. However, that did not happen. The accused asked for Rs.2 lakh more instead, claiming that Mr. Bhandari would get handsome returns.

Mahesh also issued a post-dated cheque to Mr. Bhandari, but six month later he went underground. Based on the complaint, the police registered a case and launched a hunt for Mahesh.

They raided his house but found that he had left for Jaipur. Investigations revealed that he had taken a house on rent under a fictitious name at Shahdara in the trans-Yamuna area. Subsequently he was arrested on August 1.

During interrogation, Mahesh purportedly confessed to having committed the crime.

He allegedly disclosed that he had also cheated Prof. C. S. Surana of the Indian Institute of Technology, Delhi, of Rs.11 lakh through the same modus operandi.

According to the police, Mahesh did a post-graduate diploma in computer programme from Rajasthan after his graduation. He then obtained a diploma from the National Stock Exchange and joined a stocking brokerage firm

The police are examining several d-mat accounts purportedly opened in the name of fictitious companies. They also seized some forged cheques and counterfoil slips of banks from the accused.

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