Man nabbed for duping company of Rs 18.5 crore

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The Economic Offences Wing (EOW) of Delhi Police has arrested a person, Ajay Oberoi under sections 408/420/467/468/471/120B of the IPC allegedly for illegal and unauthorised share trading in his personal and family accounts and causing a loss of Rs 18.5 crore to the company M/s Exponential Financial Services Pvt. Ltd.

Ajay Oberoi was appointed as an accountant in the company and later became Operational Head.

Oberoi with his associates conspired and siphoned off funds by illegal trading in the trading accounts of other persons causing a loss to the company.

According to EOW officials, M/s Exponential Financial Services Pvt. Ltd deals in the business of trading shares.

"The accused sold the shares of other clients of the company without permission of the company or the clients. He has been allegedly charged for unauthorised trading in the company's account, forging signatures of the Directors on the cheques.

"It is alleged that Ajay Oberoi conspired with other alleged persons and caused a wrongful loss to the company and wrongful gain to themselves to the tune of Rs 18.51 crore following which a case was registered and investigation taken up by EOW," said O.P. Mishra, Joint CP, EOW.

Ajay Oberoi was also given official charge as compliance official with CDSL, NSE, BSE and MCX. He worked as an overall Operation Head/Principal Official of the company operations. All the employees of the company worked directly under his instructions and supervision to perform trading operations, depository operations, finance and accounting management. By misusing his fiduciary position and control over the affairs of the company, the accused caused a loss of Rs 18.5 crore to the company.

"By misusing his fiduciary position and control over the affairs of the company, Ajay Oberoi had committed a massive fraud by illegally trading in stocks and derivatives market in his personal, family accounts, and also in the account of a peon of the company as well as in company accounts," said the official.

Absconding for a long time, the accused was finally arrested by an EOW team on October 28.

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