Stockbroker arrested for Rs 5 crore fraud on ex-CIL chief
New Delhi: A 48-year-old stockbroker was arrested for cheating a former chairman of Coal India Limited (CIL) of his life savings of Rs 5 crore through illegal transfer of his shares, the police said on Saturday.
The accused - Sandeep Sehgal - was managing the accounts of the late GL Tandon, former chairman of CIL, who had invested Rs 5 crore in the stock market on Sehgal assuring him a 300 percent return.
"He (Sehgal) was handling the victim`s accounts since 2005, and had built a good rapport with him," Harendra Kumar Singh, the additional deputy commissioner of police of the economic offences wing, told a news agency.
According to police, Tandon grew suspicious after he did not receive any returns till 2008, and he then he contacted Sehgal.
However, Sehgal sent letters of assurance promising the returns soon on a forged letterhead of his employer at the time, Apollo Sindhuri Investment Ltd.
Tandon passed away in August 2012. It was then that his family came to know about the issue and registered a complaint with the police.
A first information report was filed in November 2012, and Sehgal was arrested on Thursday from his home in south Delhi`s Greater Kailash II.
Sehgal is an alumnus of the Indian School of Mines and also holds B Tech and MBA degrees.
GL Tandon received the Padma Bhushan award in 1986.
More from India
More from World
More from Sports
More from Entertaiment
- Zee Media exclusive chat with 'Welcome to Karachi' cast
- Reservation issue: Police register case against Bainsla, 20 others
- Zee Media exclusive interview with Haryana CM Manohar Lal Khattar
- UP Minister allegedly threatens, abuses Gonda businessman
- Manali: Heavy corruption found in environmental taxes
- UP: Jammu-bound Muri Express derails in Kaushambi
- Five unmanned parachutes spotted over Mumbai airport
- Aapke Sitare: Astro prediction for May 24, 2015
- Watch: Fast N Facts @ 7:30pm
- Dawood's intercepted phone calls prove yet again he is in Pakistan
- One year of Modi govt: How satisfied is the common man?
- CBSE Board Class 12th Exam Results 2015 declared
- Jaipur girl Mini Rajpal wins Miss India Deaf 2015!
- Mumbai architecture creates double decker bus from scrap!
- One year of Modi govt: How satisfied is the common man? Part-2
- IPL 2015 Final: MI vs CSK - As it happened...
- CBSE.nic.in 12th XII Results 2015: CBSE Board (cbseresults.nic.in) Class 12th XII Exam Results 2015 to be announced on May 25
- Heatwave continues in North India; death toll in Andhra Pradesh, Telangana more than 400
- IPL 2015 final: Mumbai Indians thrash Chennai Super Kings by 41 runs to lift second title
- Heatwave claims over 550 lives so far, Delhi saw hottest day
- LIVE - Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 to be announced shortly
- Check cbseresults.nic.in for CBSE Class 12 result 2015
- Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 declared
- Mathura rally: PM Modi slams 'corrupt' UPA regime, lauds NDA govt's efforts in past one year
- Two dead, over 100 injured as Muri Express derails in UP; Prabhu announces Rs 2 lakhs ex-gratia for kin of dead
- CBSE Class 12 results out: Here's how you can check
- PM Narendra Modi's Mathura rally: As it happened
- Check WBBSE (wbresults.nic.in) Class 12th Results: West Bengal Board (wbscvet.org) Higher Secondary Class XII Vocational Results to be declared today at 4 PM
- Police register case against Bainsla, 20 others as Gujjar agitation continues
- CBSE Board 12th XII Results 2015: Cbse.nic.in & cbseresults.nic.in Class 12th XII Exam Results 2015 to be announced today at 12 Noon