Courier firm employee told police that finance company asked him to produce bogus receipts of contract notes sent to south Delhi industrialist; the businessman had allegedly suspected foul play in his Indiabulls account
IN the middle of allegations that Indiabulls has traded in people's shares invested with it without informing them, an employee of a south Delhi-based courier company has told the police that Indiabulls officials had asked him to produce fake delivery receipts of contract notes sent to an industrialist at his residence in May last year.
Rakesh Yadav, the manager of two courier companies, Skylark Express and Silverline Express, alleged in a police complaint that Indiabulls officials had asked him to produce fake delivery receipts of the contract notes sent to NR Dongre, the south Delhi-based owner of the Usha Lexus group of companies.
While Dongre couldn't be contacted for a comment, an executive director of his company, who spoke on his behalf, said that the businessman had been cheated by Indiabulls as they had traded in his account for several months without informing him. "When Dongreji suspected that Indiabulls had been manipulating his account without any instruction from him or informing him, he asked them to close his account and return the money. They never did so."
"They told him that he would get the money by the yearend and that too with an interest. But we were shocked when they sent a letter saying that he owed them Rs 500. It was then that we complained to the Securities and Exchange Board of India (SEBI), the police and moved the court," said the executive director, wishing anonymity.
Meanwhile, Indiabulls maintained it had not been given a fair chance to present its case in the court. "Dongre lost the arbitration and approached the lower court when he should have approached the High Court. Under Section 156/ 3 he approached a lower court asking for the registration of an FIR against Indiabulls.
The court, without calling Indiabulls, asked for the registration of an FIR. We were not even given a chance to present our case or explain it. Our appeal at the High Court has not been rejected and I am sure the High Court will listen to us," said Indiabulls Financial Services Limited CEO Gagan Banga, on phone.
In January this year, a Delhi court had ordered the Delhi police to register an FIR against Indiabulls Financial Services for allegedly cheating Dongre. Vijay Singh, the assistant commissioner of police (Connaught Place), confirmed that a case had been registered on the court's order against Indiabulls but refused to divulge details.
"I cannot reveal anything about the investigations at the moment," he said. Anand Mohan, the deputy commissioner of police (New Delhi), could not be contacted as his cell phone was switched off.
On Monday, MiD DAY had reported how investors have alleged that they have lost crores from their Indiabulls accounts as the company played with their funds without telling them, and it is now refusing to refund.
Papers in possession with MiD DAY shows that the courier company manager, Rakesh Yadav, had on May 3, 2008, reported to the Economic Offences Wing of the Delhi police that the request for fake receipts had been emailed to him by an employee of Indiabulls Securities Limited (ISL).
"Our companies have been dealing with Indiabulls for long. We had to recover a lot of pending payments from them. During this course, they contacted one of my colleagues Manoj and asked us to deliver fake receipts dating back to two years to four to five people. NR Dongre was one of those who had to be delivered the fake receipts. They even emailed us a format of how they wanted the proof of delivery to look like," said Yadav.
He added that Indiabulls had said that the format was the one they had used to instruct another courier company about the fraud.
MiD DAY is in possession of the email which was sent by one Vijay Kanojia from his official Indiabulls address on December 22, 2006.
Some of the contents of the email read, "No one is able to track the proof of delivery. Sign or initials of the receipt should not be one person. The Proof of Delivery serial number will not be in serial number [sic]."