Brokerage Director's Rs 4.49 Crore Fraud Uncovered

Ravi Chauhan, director of a brokerage firm, was arrested for allegedly defrauding Rs 4.49 crore by promising 20,000 NSE shares through fake settlements. The owner of complainant firms alleged no shares were delivered nor funds returned. Police investigations led to Chauhan's arrest at Delhi airport.

In a shocking turn of events, a brokerage firm's director has been apprehended for defrauding a staggering Rs 4.49 crore, police announced on Saturday. The duplicitous dealings involved the promise of 20,000 shares from the National Stock Exchange, secured through deceptive settlements.

The victim, leading R9 Wealth India Pvt Ltd and Delhi Fin Investment Solutions, reported having arranged a purchase order for 20,000 NSE shares via Kalpataru Share and Stock Broking Pvt Ltd, with a hefty payment of Rs 4.49 crore shelled out on June 17. Yet, neither shares nor funds were forthcoming from the broker firm, sparking a detailed investigation.

Following a lodged FIR at Sector 29 police station, the Economic Offence Wing (EOW)-1 arrested the alleged perpetrator, Ravi Chauhan, at Delhi airport. Key revelations by Chauhan, originally from Kolkata, divulged losses in his business as a motive for the fraudulent act. Gurugram police continue to interrogate the accused as the case unfolds.

(With inputs from agencies.)