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Fraud in religare dmat account

This is a discussion on Fraud in religare dmat account within the Investments forums, part of the Business & Finance category; Hi Consumer forum, This is to highlight to you another concern which boundaries the FRAUD (as consulted by my Lawyer). ...

  1. #1
    Unregistered
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    Exclamation Fraud in religare dmat account

    Hi Consumer forum,

    This is to highlight to you another concern which boundaries the FRAUD (as consulted by my Lawyer).
    The Transaction below was never asked by me and Religare executives have used my money to buy shares (intended to be for someone else, as confirmed by Ajit Kumar and Lalit Kumar of your Religare, Sector-14, Gurgaon).

    Issue Identification: The issue came to my knowledge when as part of your good process, I got a confirmation call at evening of Thursday (3 June 2010) and I acknowledged to the individual that i never asked for this nor would I confirm this. He then told me about whom I deal with usually and I told him thats Its Lalit (after I was earlier cheated by Ajit Kumar, during an issue when he sold my 700 Bharat Gears share without approval). I called Lalit to raise the issue as he told me that he is Ajit's reporting manager. Lalit told me that he will look into it and next day, 4th June morning, I got call from Ajit where he acknowledged that I never asked for this.

    Solution by Religare: Advise by Ajit/Religare:" Sir, we won't have you bear the loss as once the price goes high, we will sell it for you, don't worry sir!". Well, HOW DARE RELIGARE USE MY MONEY (approx. 20k) PLUS TOOK CREDIT ON MY BEHALF TO BUY THE SHARES! By the law of land, I am of the view that they are not authorised to do this. Also, I can not use the money which belongs to me as Religare has used it somewhere else.

    Lalit told me yesterday (4 June) that he no more is responsible for Ajit's action as he has been moved to different centre and hence, forwarded this to 'central authorities' (I am not told who is that).

    My View: Do I need to say more?? I request for your help including "getting back my money including Loss incurred on those shares, your commission, STT" and formal apologies from Religare. Also, I would be happy to co-operate in any action (legal/social) which will lead to enhanced consumer awareness and security regarding this money.

    I had issues earlier because of lack of transparency and lack of period account statement, from Religare, including issues such as Communication Ref: Rel-2863078 (where 10000/- were missing from my account),however, this time the limits are crossed.

    Best regards,
    Amit
    9971800305
    Religare account: AG3950

  2. #2
    Member
    Join Date
    Jun 2010
    Posts
    47

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    Dear Amit

    We regret the inconvenience caused to you. We would request you to get in touch with our customer care department at 1860 – 25 – 88888. We assure you that your matter would be looked into and appropriate action will be taken, as at Religare we take these matters very seriously and make sure our clients enjoy satisfactory and comfortable services.

    Regards,
    Religare Customer Care

  3. #3
    Unregistered
    Guest

    Smile Criminal charges of Fraud / Cheating /Cyber crime of 70 lacs Religare securities Ltd

    Complaint against Religare securities Ltd/ Religare enterprises ltd. for criminal breach of trust, cheating, fraud, forgery, cyber crime, conspiracy, Criminal misappropriation and illegal gain thereby committing Economic Offences involving crores of rupees and for registration of case U/s.406/409/420/506/120-B of 34 IPC.

    I have sent a complaint to NSE /SEBI/ EOW on 24 / 06 / 10, in respect of Fraud / Cheating amounting to Rs 70 Lacs (approx.) by the Officials of M/s Religare Securities Ltd in stock market. In this regard I was advised to go to the Arbitration of NSE because of arbitration clause in the agreement.
    I have come to know that according to the Supreme Court Judgment in the serious allegations of Fraud and Criminal Misappropriation the matter can only be decided by court and not by the Arbitrator. In my case fraud / Cheating and Cyber Crime involving sending of fraudulent statements through e- mail is noticed against which i have lodged the complaint to EOW / Police Dept.
    SC Ruling - Arbitration and conciliation act - Serious allegations of fraud and criminal misappropriation - Can only be decided by Court when parties lead detailed evidence and not by the Arbitrator. 2009(3) Apex Court Judgments 643 (S.C.).
    As i have consulted lawyers i am highly confused , they say i should not avoid arbitration. It may get time barred ( six Months limit only). However it seems, arbitration does not have powers to decide in this case. Others say i should go to civil court which takes long time + criminal court to get justice. I am confused.
    Is it true that once an arbitration clause has been made in the agreement, the only dispute resolution forum available is arbitration and courts do not interfere in such matters and have limited role. Please advice me.
    I am unable to find the proper guidance from the SEBI / NSE Website. In this very case what should be my Legal course of action. Pls. guide accordingly, to seek justice. Will arbitration be of any help to me? Will the judgment of arbitration hold good in the case of fraud / criminal misappropriation? Will the revised fees of Rs. 30,000/- be reversed in that case?
    Also pls. suggest some competent Lawyer with relevant experience with Contact Nos.
    Looking Forward to an early reply.

    Thanks,

    SACHIN BHARDWAJ
    Sachin0702@yahoo.com
    Mobile 98109 33322
    A2/ 116, Sec- 5, Rohini, Delhi

  4. #4
    Unregistered
    Guest

    Default legal opinion

    Sir,
    i am not an expert in this field.But i believe that in criminal case no scope for arbitration as the crime is considered against the state.So you can file under sec 420 for cheating and other relevant sections as you stated.In civil matter the parties may first seek arbitration(if it is the terms of contract) and not satisfied ,can approach the court for justice.You better lodge criminal complaint and go for arbitration also.If not satisfied with arbitration,initiate civil proceedings.Criminal case will support your argument and pressurize the opposite party.Believe you are the aggrieved person and hope you will not let them escape.Time consuming is a part of civil proceedings but do not step back if loss i huge and unaffordable.
    For any other information,pls mail to info@dialkerala123tradig.com
    You can expect the help within my limit

    thanks
    Marketing Manager
    Dialkerla123trading.com



    Quote Originally Posted by Unregistered View Post
    Complaint against Religare securities Ltd/ Religare enterprises ltd. for criminal breach of trust, cheating, fraud, forgery, cyber crime, conspiracy, Criminal misappropriation and illegal gain thereby committing Economic Offences involving crores of rupees and for registration of case U/s.406/409/420/506/120-B of 34 IPC.

    I have sent a complaint to NSE /SEBI/ EOW on 24 / 06 / 10, in respect of Fraud / Cheating amounting to Rs 70 Lacs (approx.) by the Officials of M/s Religare Securities Ltd in stock market. In this regard I was advised to go to the Arbitration of NSE because of arbitration clause in the agreement.
    I have come to know that according to the Supreme Court Judgment in the serious allegations of Fraud and Criminal Misappropriation the matter can only be decided by court and not by the Arbitrator. In my case fraud / Cheating and Cyber Crime involving sending of fraudulent statements through e- mail is noticed against which i have lodged the complaint to EOW / Police Dept.
    SC Ruling - Arbitration and conciliation act - Serious allegations of fraud and criminal misappropriation - Can only be decided by Court when parties lead detailed evidence and not by the Arbitrator. 2009(3) Apex Court Judgments 643 (S.C.).
    As i have consulted lawyers i am highly confused , they say i should not avoid arbitration. It may get time barred ( six Months limit only). However it seems, arbitration does not have powers to decide in this case. Others say i should go to civil court which takes long time + criminal court to get justice. I am confused.
    Is it true that once an arbitration clause has been made in the agreement, the only dispute resolution forum available is arbitration and courts do not interfere in such matters and have limited role. Please advice me.
    I am unable to find the proper guidance from the SEBI / NSE Website. In this very case what should be my Legal course of action. Pls. guide accordingly, to seek justice. Will arbitration be of any help to me? Will the judgment of arbitration hold good in the case of fraud / criminal misappropriation? Will the revised fees of Rs. 30,000/- be reversed in that case?
    Also pls. suggest some competent Lawyer with relevant experience with Contact Nos.
    Looking Forward to an early reply.

    Thanks,

    SACHIN BHARDWAJ
    Sachin0702@yahoo.com
    Mobile 98109 33322
    A2/ 116, Sec- 5, Rohini, Delhi

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