Trading firm CEO,four others booked for cheating retired IAS officer

The Pune Police have booked the chief executive officer of Religare Commodity Trade Private Limited at Deccan Gyhmkhana...

Written by Express News Service | Pune | Published: February 27, 2009 3:11 am

The Pune Police have booked the chief executive officer of Religare Commodity Trade Private Limited at Deccan Gyhmkhana,along with four others including the vice president,branch manager and dealers of the company for allegedly cheating a retired IAS officer,by trading without his consent causing him a loss of Rs 4.15 lakh.

The retired IAS officer Mohanbhaiyaa Pribhidas Bhaya (72),currently residing at Classic building,north Avenue,Kalyani Nagar,has lodged a complaint with the Deccan Gymkhana police in this case.

Investigation officer of the case,sub inspector Anjali Khare said that Bhaya had invested about Rs 4.35 lakh with Religare Commodities. “Bhaya initially invested about Rs 2.5 lakh in 2007. Later on,the company asked him to invest more assuring to give him good returns. So he kept on investing more money in installments,but never got any profit,” said Khare.

“Bhaya told us about the conditions as the company was supposed to record his voice while taking his consent on telephone for commodity trading. Bhaya has complained that company has not done any voice recording. He also complained that company did not use the “stop loss” scheme while trading on his name,for avoiding the losses,” Khare added.

The police said that Bhaya has mentioned in his complaint that he lost Rs 4.15 lakh as the officials of Religare Commodity Trade Pvt Ltd. misused his investments for illegal commodity trading on his name,but without his consent between April 2007 and November 2007. “Investigation is on to know if the company is responsible for Bhaya’s financial loss. Wave summoned the company officials. All the details will be verified,” Khare said.

Meanwhile,the police have arrested two persons for allegedly murdering Keshav Ramakant Pande (25) at the fruit market in Mandai following a dispute over eating biryani on Sunday night. Pande was an office boy at a PMC school in Wanavdi and was residing at Raviwar Peth.

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