The court order is rare, as it held that an inquiry by the Securities and Exchange Board of India (SEBI) would not take away the rights of the police to conduct probe into the case after registration of an FIR, which will invite criminal prosecution against the accused
The FIR was registered at the Connaught Place police station on January 14 after Metropolitan Magistrate Sudesh Kumar allowed a complaint against the firm by Delhi-based businessman N R Dongre.
Dongre (67) had accused the company and its three directors, Kavi Kumar (International business head), Sameer Gehlot and Rajiv (chief executive officers), of misappropriating around Rs 2 crore as he did stock trading through them in Indiabulls.
Dongre had initially lodged complaints with the Economic Offence Wing (EOW) and the Securities and Exchange Board of India (SEBI). However, with the investigations seeming to head nowhere, he approached the court for registration of an FIR.
When asked to submit a status report, the EOW told the court that Dongre’s allegations were not substantial enough to invoke penal charges. It further said all his allegations were covered under the SEBI Act and Regulation and the court had no jurisdiction to try such matters.
However, the court found several points not properly investigated by the EOW sleuths and also took strong exception to the EOW’s reluctance to produce the inquiry report. “It seems that the investigating officer from EOW is deliberately trying to hide the details of previous investigations and in the process, trying to save the accused... ,” the magistrate said. But the police have been asked to not make arrests without intimation to the court.
I had taken personal loan from Indiabulls of Rs.25,601/- on 25/5/2008 and repaid Rs.22600/- but just default in one of my Emi of Rs.1800/- ,Indiabulls misused my blank security cheque by filling false amount of Rs.28,249/- and they also misused my blank signed loan agreement by filling false figures of 30 installments instead of 24. Even though I tried to settle the dispute by offering reasonable amount pending principal amount and interest amount but to extract extra money from me Indiabulls filled bogus cheque return case in Patiala House Court, New Delhi. As it is tough to defend the false cheque return case traveling from Mumbai to Delhi , Indiabulls forcing me to pay Rs.32,499/- plus uncharged interest. To extract the money company filled thousands of cheque bounce cases in Court. I made several complaints with RBI, but RBI is not giving any response. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to sucidal point.