DELHI POLICE EOW ARREST ONE WHO DUPED BY TRANSFERRING SHARES AND BONDS ILLEGALLY

New Delhi, February 23

The Economic Offences Wing (EOW) of Delhi Police arrested director of a company M/s CPR Capital Services Ltd. for allegedly duping for Rs. two crores.

The accused was identified as Pawan Kumar Garg( 61), a resident of Surajmal Vihar in Delhi.

As per the case details, the FIR was registered in December 2018 against Garg for fraud, cheating and criminal conspiracy under Section 406, 420, 120B, 467, 468, 471 of the Indian Penal Code. 

According to the police, the complainant Ravinder Gupta had alleged that in the year 2009-10 he, along-with his other family members, opened his demat and trading accounts with M/s CPR Capital Services Ltd. 

During the course of trading of shares, accused Pawan Garg had allegedly connived with his nephews; also directors in M/s CPR Capital Services Ltd., made several misrepresentations to the complainant, transferred his shares & bonds without his knowledge and later misappropriated the proceeds.

The EOW officials said that during investigation it had come to notice that some forged demat slips were also prepared and submitted with the Stock Exchange to carry out the fraudulent transactions. The proceeds of the complainants’ shares and bonds were misappropriated by the alleged, causing him a wrongful loss of to the tune of around Rs. two crores.

The EOW officials states that the accused directors of M/s CPR Capital Services Ltd. did not let the complainant know about unauthorised transactions of shares and bonds carried out on the strength of forged demat slips. Some shares and bonds were later pledged by the accused to raise funds which were never transferred into the accounts of its lawful owner i.e the complainant. The accused person failed to produce any instrument of accession signed by the complainant giving him the authority to make any such transfer of securities. Garg, in the capacity of the director of M/s CPR Capital Services Ltd., carried out the transactions on its own without obtaining any lawful authority from the owner. Further the proceeds accrued were never shared with the owner of shares/complainant, the officials added.

According to the EOW, Garg is the main conspirator who remained at the helm of affairs of the company M/s CPR Capital Services Ltd. He has studied chartered accountancy and started this company in the year 1996 wherein he appointed his close family members to run this company. He is also facing another criminal case registered at EOW in 2013, which is being investigated by the Cyber Cell, Dwarka.

The officials added that Garg has been arrested and released on bail as per the order of the Delhi High Court after furnishing a personal bond for a sum of Rs. 25,000/-. The EOW is further investigating the case.