The accused was arrested from Vadodara after a hot chase by the EOW

New Delhi, August 9

The Delhi Police Economic Offences Wing (EOW) arrested a director of Kolkata health company for misappropriation of funds worth Rs. 93.31 crores.

The accused was identified as Murgesh Devashrayi from Kolkata. 

Radhika Puri and Late Amrit Sagar Puri (both senior citizens) had filed a complaint with that BRH Wealth Creators (earlier known by name BMA Wealth Creators, a Kolkata based trading company) through its directors misappropriated the shares and accounts’ balance of the complainants to the tune of Rs 3.5 Crores by pledging their shares in an unauthorized way and usurped their balances without their consent in 2019. SEBI has also passed the Confirmatory Order dated January 2020 against the company BMA/BRH for violating SEBI circulars and regulations and found that around Rs 93.31 Crores worth of clients’ securities were misappropriated by BMA”.

The SEBI has also banned the company to enter into the securities market and seized its assets, officials added. 

During the investigation, the said chain of illegal pledging of shares was ascertained through replies of Securities and Exchange Board of India, National Securities Depositories Ltd., Central Securities Depositories Ltd., HDFC Bank. HDFC bank confirmed that BRH, had approached the Bank with a request for an overdraft facility. At that time BRH offered to pledge securities as collateral to the facility and in fact in its declaration under the Overdraft Request Letter expressly and unequivocally represented and declared to the Bank inter alia that the securities being pledged were held by BRH in its name as absolute owner thereof and not in any other fiduciary capacity. 

The Court issued the NBWs order against company’s directors.

The EOW added that the company’s directors connived and pledged the securities of the many investors illegally and misrepresented the facts to the bank that the company is the beneficial owner of the pledged securities. Later the fund against collateral was used for their personal use.

The EOW had formed a sepcial team that was sent to Kolkata to nab the accused person and a thorough search was made to all possible hideouts of the accused persons. All the offices of the accused company and residential addresses were found closed. Thereafter, through surveillance it was found that one of the directors have fled to Vadodara and another team was sent to Vadodara. After physical rekke, hot chase and surveillance, the accused was nabbed from Vadodara. 

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