The Delhi EOW held three fraudsters who duped renowned doctors for unauthorised trading in their demat accounts

New Delhi, April 11

The Delhi EOW held three fraudsters who duped renowned doctors for unauthoy trading in Demat accounts of the doctors. 

The accused were identified as Bhanu Partap Singh from Sector 46 Noida, Milan Sharma of Sector 21 Noida and Rahul Raghav of Sector 61 Noida. 

Bhanu Pratap is into business administration while Milan Sharma is a financial expert/advisor who guides people to trade and also participates in various TV programmes in this regard. 

Rahul Raghav  is a sub broker and partner in broker firms, who introduced co-accused persons with his clients. 

Stating a complaint received by Dr. Anmol Maria and group of other doctors, the EOW said that complainants made allegations against Bhanu Pratap Singh (Vice-President, High Networth Income Sales), 

Rahul Raghav, Harinder Singh, Jashan Arora, Virender Arora, Jitender Rai Singhania of Master Capital Services Pvt. Ltd. (MCSL) and Milan Sharma, Financial Advisor, that they induced them to open their demat accounts and trading accounts at MCSL. The officials stated that during Nov 2015, victims shifted their share-holdings worth Rs 8.52 Crs (Rs 2.90crs of Mrs Poonam & Sanjeev Verma, Rs 2.25 Crs of Ms. Neerja, Rs. 1 Cr of Dr. Anmol Maria, Rs. 1.20 Crs of Dr. Arti Maria, Rs. 0.76 Cr of Dr. Puneeta Mahajan, Rs. 0.2 Cr of Dr. Sushma Verma and and Rs. 0.21Cr of Dr. Jyoti 

Mahajan) to M/s MCSL. The accused persons started trading in an unauthorized manner and rashly and put their money in wrongful loss to the tune of more than Rs. 3.60 crores approx. The accused persons earned huge brokerage from this unauthorized trading and also fraudulently appointed the complainant a sub-broker by forging his signatures.

The EOW probe revealed that accused persons had clandestinely fudged the emails sent to the complainants regarding their trades by removing the entries showing “Penal Interest Charges” and kept on trading by false assurance of huge profits in the future. Accused Bhanu Pratap used MCSL ID-Cards but denied from being employee of the MCSL.

The officials further said that an email id bhanu.pratap@mastertrust.co.in was used by Bhanu Pratap addressing the complainants to communicate with the complainants while he was never an 

employee of MCSL. “Address C-316A, Sector-10, Noida” was the common address for the Authorised persons/entities of MCSL namely Rahul Raghav, Nitus Solution Pvt Ltd. and other entities, in which Bhanu Pratap Singh, Milan Sharma and Rahul Raghav are stake holders.

Explaining their modus operandi, EOW stated, the accused first induced the complainants to open demat accounts and trading accounts with reputed brokerage firm, Approached that firm for work and get the email IDs of that firm and 

communicate with complainants from those emails initially and opened the complainants’ account with sub-broker instead of main broker in order to earn more brokerage.

The accused did unauthorized and rash trading in the accounts of the complainants for the sake of brokerage only.

The EOW is further investigating the case.