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Following a court directive,the Delhi Police has registered an FIR against top three officials of M/s Indiabulls Securities Ltd under charges of cheating,forgery and criminal conspiracy.
The court order is rare,as it held that an inquiry by the Securities and Exchange Board of India (SEBI) would not take away the rights of the police to conduct probe into the case after registration of an FIR,which will invite criminal prosecution against the accused
The FIR was registered at the Connaught Place police station on January 14 after Metropolitan Magistrate Sudesh Kumar allowed a complaint against the firm by Delhi-based businessman N R Dongre.
Dongre (67) had accused the company and its three directors,Kavi Kumar (International business head),Sameer Gehlot and Rajiv (chief executive officers),of misappropriating around Rs 2 crore as he did stock trading through them in Indiabulls.
Dongre had initially lodged complaints with the Economic Offence Wing (EOW) and the Securities and Exchange Board of India (SEBI). However,with the investigations seeming to head nowhere,he approached the court for registration of an FIR.
When asked to submit a status report,the EOW told the court that Dongres allegations were not substantial enough to invoke penal charges. It further said all his allegations were covered under the SEBI Act and Regulation and the court had no jurisdiction to try such matters.
However,the court found several points not properly investigated by the EOW sleuths and also took strong exception to the EOWs reluctance to produce the inquiry report. It seems that the investigating officer from EOW is deliberately trying to hide the details of previous investigations and in the process,trying to save the accused… , the magistrate said. But the police have been asked to not make arrests without intimation to the court.