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DELHI POLICE EOW ARRESTED ACCUSED COMMITTED FRAUD OF 18.50 CRORES THROUGH UNAUTHORIZED SHARE TRADING

October 29, 2020 02:37 PM

New Delhi (Face2News)

Delhi Police Economic Offences Wing (EOW) reported to have arrested  accused Ajay Oberoi in case FIR No. 62/16 408/420/467/468/471/120B IPC, PS EOW for illegal and unauthorized share trading in his personal and family accounts and causing a loss of Rs. 18.50 Crores to M/s Exponential Financial Services Pvt. Ltd. 

Dr. O.P. Mishra,  IPS, Jt. Commissioner of Police, Economic Offences Wing, said, M/s Exponential Financial Services Pvt. Ltd is in the business of trading shares. The accused Ajay Oberoi was appointed as Accountant in the company and with the passage of time he became Operational head/principal officer of the company.

It is alleged that Ajay Oberoi, in conspiracy with his associates, siphoned off the funds by illegal trading in the trading account of other alleged persons and caused loss to the company. He further sold the shares of other clients of the company without permission of the company or the clients.

He has been accused of unauthorized trading in the company’s account by forging the signatures of the directors on the cheques.  It is further alleged that  Ajay Oberoi entered into a conspiracy with other alleged persons and caused wrongful loss to the company and wrongful gain to themselves  to the tune of Rs 18.50 Crores.  Accordingly, a case was registered and investigation taken up by Economic Offences Wing. 

The accused Ajay Oberoi was also provided with official charge as compliance officer with CDSL, NSE, BSE and MCX. He was working as overall operation head /principal officer of the company operations. All the employees of the company were working directly under his instructions and supervision to perform trading operations, depository operation, finance and accounting management. By misusing his fiduciary position and control over the affairs of the company, the accused caused loss of Rs. 18.50 Crores to the company.

INVESTIGATION: The accused Ajay Oberoi was also provided with official charge as compliance officer with CDSL, NSE, BSE and MCX. He was working as overall operation head /principal officer of the company operations. All the employees of the company were working directly under his instructions and supervision to perform trading operations, depository operation, finance and accounting management. By misusing his fiduciary position and control over the affairs of the company, the accused caused loss of Rs. 18.50 Crores to the company.

MODUS OPERANDI: By misusing his fiduciary position and control over the affairs of the company, Ajay Oberoi had committed massive fraud by illegally and unauthorisedly trading in stocks and derivatives market in his personal, family accounts, also in the account of a peon of the company as well as in company accounts. 

Mr. Mishra further said,  police team under the overall supervision of Ms. Urvija Goel, DCP/EOW consisting of ACP/Sh. Nageen Kaushik, Insp. Vijay Kumar, HC Ramkesh  and HC Mathai was formed to arrest the accused persons. Accused has been absconding for a long time.  Finally the accused was arrested through sustained and continuous efforts of the team on Wednesday . Further investigation of the case is in progress.

 
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