Police arrest brokerage official for aiding Rs 93L fraud

AHMEDABAD: The city crime branch on Monday arrested Tejas Phulda, a manager in the Reliance Commodities branch in the city in connection with a fraud worth Rs 93 lakh.
The arrest was made on the basis of a complaint filed by Bhavesh Patel, who is the owner of Aadhar restaurant on CG road. Patel has told the crime branch officials that he had recently got in touch with a sub-broker of Reliance Commodities, Vipul Krishnakant Mishra.Vipul also introduced Patel to his namesake and brother-in-law - Vipul Ramnaresh Mishra.
It was the second Vipul who had the gift of gab and convinced Patel to opt for long-term investment in the company's schemes. He had also taken Patel to the company's office at Shivalik commercial complex near Shivranjani crossroads.
Police inspector K K Patel who is probing the case said, "The manager of the branch, Tejas has been arrested because he knew that this Vipul was not connected with the company in any manner and yet he had not alerted Patel on this issue. Tejas had also allowed Vipul to trade in the company. The manager is on police remand till February 8. Both the Vipuls have gone missing since the complaint was filed." Convinced by Vipul's assurances,
Patel had invested Rs 93 lakh over a period of time through different bank demand drafts. He had given all the demand drafts to Vipul who had pocketed the money and invested it, albeit in his own name. He also made quick withdrawals, without the investor's knowledge. Vipul also invested a portion of the money in gold.
"When gold rates started falling, the company officials alerted Patel to safeguard his investment. Patel agreed and the company sent him withdrawal forms. But Vipul stepped in and took Patel's signature on the documents and collected the demand drafts worth Rs 35 lakh from the company without the knowledge of the investor. Patel approached the company upon realizing that he was defrauded.
When Patel did not receive any payment for days, he approached the company and only then realized that he was the victim of a fraud.