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India Infoline’s territory manager held in duping case

The Bandra Police have arrested a territory manager of financial services company,India Infoline limited,on the charges of duping and fraud.

The Bandra Police have arrested a territory manager of financial services company,India Infoline limited,on the charges of duping and fraud.

Accused Nitin Khandelwal was arrested on April 7 for allegedly allowing short-term trading in a client’s account despite instructions of not doing so. The police are also on the lookout for one Vineet Kumar,relationship manager of complainant Aarti Gunjikar.

The complainant has also named the company’s Managing Director Nirmal Jain,Joint Managing Director Venkat Raman and Vice-President Chintan Modi as the accused. However,the police are yet to confirm if they can be held responsible for the crime.

“We have arrested Nitin Khandelwal as it’s clear in our investigations that he was aware of the short-term trading despite the client’s instructions against it,but did nothing to stop it. Kumar is absconding. As for other accused,we need to investigate if they were directly involved in the crime or helped in any way before any proceedings can be done against them,” said Assistant Police Inspector Anil Badbujar of the Bandra police station.

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Gunjikar said that she was being approached by the company’s representatives since March. “Finally when I agreed to open an account,Kumar was appointed as my relationship manager. He asked me to sign on a blank form saying he would filled it himself to avoid cancellations of the form. But he duped me by filling in wrong email address and phone number,so that I am not able to receive contract notes,” said Gunjikar.

“In December when I finally received contract notes in my mail,I approached their branch and asked why they were trading in the short-term when I had asked them to keep a surplus of Rs 14 lakh in my account to buy blue chip stocks when market correction takes place. Then I found out that they had traded in Rs 59 crore using my husbands and my own account. Also,they had debited around Rs 3 lakh from my account as brokerage,” she added. “There was an NSE arbitration which ruled in my favour,yet they have appealed in the high court against it. So,I finally lodged a police complaint,” said Gunjikar.

A representative from India Infoline limited,however,stated: “There was no unethical trading done and this was made clear in the NSE arbitration. Gunjikar had taken part in reckless trading and is trying to make good her losses by harassing the broker.” When asked about the police case and Kumar’s disappearance,he said,“The police have no locus standi in such cases as the NSE arbitration is designed to take care of such complaints. As far as Kumar is concerned,he is absconding and his job has been terminated.” The spokesperson did not confirm if the termination of Kumar’s services was related to the case.


Meanwhile,other people have also come up with complaints against India Infoline after finding out about Gunjikars case. “I was duped of around 52 lakh as I didn’t know anything about stock or shares and blindly trusted my relationship manager. In fact I even filed a case against him but he was released on bail,” said Avishkar Darwhekar,a local businessman.

Vinaya Kulkarni,a housewife,also claims to have been duped by Vineet Kumar. “In October 2007,I started my account remained inactive till December when I got some contract notes and lost Rs 1.5 lakh which I had put in my account. When I approached Khandelwal,he said that he could not help me even though after being told that I hadn’t approved the trading. Initially,I hadn’t approached the police as my family didn’t know I was involved in online trading but now I intend to approach the police,” she said.

First published on: 12-04-2009 at 03:08:31 am
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