New Delhi, November 4, 2004
Express News

The Economic Offences Wing of the Delhi Police has arrested two people and busted a racket of ‘stock brokers’ who had duped people to the tune of Rs 3.5 crore by forging authorisations, agreements and accounts.

The two are brothers Arun Gupta and Naveen Gupta, directors of M/s OJ Financial Services Limited and OJ Securities Pvt Ltd.

Police action came on the complaint of NRI N.S. Hoon, who alleged that the accused had approached him in April, 2002, through their agent Sunil Singhania. He told Hoon that the Guptas ran a ‘‘booming’’ business in share market and claimed that the two were authorised stock brokers of Bombay Stock Exchange and National Stock Exchange.

They assured Hoon that if he invested funds and shares of more than Rs 1 crore with them, he would get a monthly interest of 1.5 per cent. Hoon agreed to entrust public quoted shares and funds to the accused. Between April 2002 and February 2003, he invested Rs 3 crore with them. Of the amount, Rs 1.39 crore was invested through cheques. Initially, the accused made payments of interest. But, after a few months they stopped.

Hoon then approached the police and a case was registered and a special team under ACP M.K. Sharma formed to probe the case. It was found the Guptas had sold off a bulk of the shares even after the matter had been reported to the police.

‘‘All the shares had been sold fraudulently without the knowledge or the consent of the complainants. The sales proceeds realised in the matter was utilised by the accused for their own use and nothing was paid to the complainant,’’ a senior police officer said.