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[Resolved]  IndiaBulls — Unauthorised trading, not refunding money

In the year 2004 the Relationship ManagerTRILOCHAN SAHOO, approached me to open an online trading Account with INDIABULLS SECURITIES LIMITED to trade in NSE,SAHOO ASSURED ME TO CHARGE LOWEST BROKERAGE,BUY TODAY SALE TOMORROW,TIMELY TRANSFER OF SHARES AND CASH AS PER T+2 SYSTEM,TIMELY SUPPLY OF CONTRACT NOTE AND STATEMENT OF ACCOUNT,TIMELY SUPPLY OF DELIVERY INSTRUCTION SLIP,INTER DEPOSITORY INSTRUCTION BOOK,DP TRANSACTION STATEMENT ON FORTNIGHTLY BASIS AND easi Registration,accordingly I signed the Client-Member Agreement,DP Opening Agreemnt,and Power of Attorney form and categorically told Sahoo I dont need finance as my share value more than eighty five lakhs to which Sahoo agreed.
After allotment DP Account Sahoo asked me to transfer shares from my wife account in order to trade,unfortunately and to my bad luck I transfer the shares worth Rupees EIGHTY FIVE LAKHS to the DP of Indiabulls,then after Sahoo started trading in my account both in NSE and BSE without my knowledge.When I asked for the DP tranaction stement,Delivery Instruction Slip Book,and other papers and enquired how could you dare to trade in my account then after he remained absent.The Regional Head Mr. Prasunjeet Mukherjee visited Bhubaneswar on 20th October,2005 under the instruction of Sameer Gehaulut,Chairman and Gagan Banga, Director.Mr. Mukherjee agreed to settle my claim and admitted their fault and for the first time in Broker's history given in writing to settle my claim.Then after he visited me more than twenty time and Gagan spoke to me once in every month but failed to settle my claim.

When I complained to CDSL,starting from the President,Managing Director and other officials of CDSL admitted the fault and arbitrary act of Indiabulls,but so far no action
CDSL sent me the copy of agreement and Power of Attorney, after receiving the same I was shocked as they put fraud/duplicate signature of witnesses on Power of Attorney and Client Member Agreement etc even the Power of Attorney form is self manufacturing/duplicate where they put my wife's signature after my complain to SEBI they changed the form.

I am a aged man of 55 years old,Indiabulls illegally,unauthorisedly and against SEBI Rules taken away my entire life long earning of Shares valuing more than EIGHTY FIVE LAKHS.What I found CDSL and SEBI directly supporting the criminal activities of Indiabulls.
Now I lost faith on the law of the soil,I wrote thousands of letters and sent lakhs of mails to SEBI Chairman,CDSL authorities under copy to Finance Minister and Prime Minister and Members of Parliament but so far no action

Braja bandhu Behera,Advocate
Complaint marked as Resolved Aug 13, 2020
Complaint comments  31 Comments     Updated: ShareTweet

Comments

For the Attention of Clients and BOs of Indiabulls Securities Limited.
Dear friends,

Those who were exploited and looted by the promoters Sameer Gehlaut, Gagan Banga, Rajeev Ratan of Indiabulls Securities Limited, please keep in touch with me, so that I will try my best to help them for getting their lost capital or share from the lootera Broker and Depository Participant free of charges.So far I helped more than 50 clients of different brokers of Orissa as a reasult most of them got back their money, even some of the officers of the Brokers being detained by SaheedNagar, Bhubaneswar police even the IG, Crime Branch Orissa are enquring the complaint cases.
Please contact me over THIS CHANNEL OR my mobile also.I will be happy if at all I can be o[censored]se for the innocent investors.Let us pray LORD SHREE SHREE SHREE JAGANATHO for getting our lost money.I am sure and confident by OUR PRAYER Lord Jaganatho THE ARADHYA DEBATA OF CRORES OF PEOPLE WILL DEFINITELY BLESS US WILL PUNISH THE PROMOTERS OF INDIABULLS THOSE WHO ARE LOOTING, CHEATING AND EXPLOITING INNOCENT INVESTORS.
JAI JAGANATHO,
BRAJA BANDHU BEHERA, ADVOCATE, ORISSA HIGH COURT

INDIA BULLS — is nt paying my bills

hi my name is mohit dhoni and javed akhtar who was working with me is nt paying his sbi credit card bills.
he is currently working at jm morgan stanley
address-4th floor, palm court M wing, link road, malad(west)
#[protected] & his cell number is [protected]
plz call him by name of jay as he is always changing his name
simple approach:

file a FIR with economic offence wing against Indiabulls officials, implicating gagan, praseenjeet and mr. sahoo adn give copy of letter given by prasanjeet to cops. Your matter will be resilved quickly.
INDIABULLS IS A FRAUD COMPANY. MR RAMPRASAD, HABSIGUDA, HYDERABAD RELATIONSHIP MANAGER ENROLLED ME AS AN ONLINE TRADING MEMBER. THE FOLLOWING ARE MY GRIEVENCES:
- SOLD OFF ENTIRE PORTFOLIO OF F&O AT MARKET PRICE WITH AUTHORISATION ON 10TH AUG 2007
- TOOK 15 LACS FROM ME IN CASH CONVERTED INTO A THIRD PARTY AND CREDITED TO MY ACCOUNT PUTTING LOT OF PRESSURE ON ME TO ALLOW TRADING ON THE NEXT DAY.
- WARNED ME THAT MY POSITION WILL BE CUT OFF AS IT HAS REACHED 95% BUT FAILED TO CUT POSITION AT APPROPRIATE TIME RESULTING IN A DEBIT OF RS 53000 IN MY ACCOUNT

THIS COMPANY IS A FRAUD, AND I SUGGEST CLIENTS TO TAKE AWAY THEIR HARD EARNED MOENY BEFORE LOOSING EVERYTHING TO THIS COMPANY WHICH COULD VANISH AT ANY TIME. THIS COMPANY IS A HABITUAL OFFERNDER OF RULED LAID BY SEBI. THE CHAIRMAN AND THE ENTIRE BOARD SHOULD BE ARRESTED AND TRIED BEFORE AN ECONOMIC OFFENCES COURT.
REGARDS
D. RAVI SANJAY
INVESTORS BE CAREFUL. INDIA BULLS COULD GET INTO LIQUIDATION AT ANY TIME BECAUSE OF HUGE EXPOSURE GIVEN TO CLIENTS AND NOT ABLE TO RECOVER AS THE MARKET MELT DOWN HAS BEGUN.
TAKE AWAY YOUR MONEY OR SHARES FROM THIS COMPANY AT ONCE.

S.S. TRADE LINK — DUPLICATE SIM

B- 315 MORYA HOUSE VEERA IND ESTATE OF NEW LINK ROAD

ANDHERI (W) MUMBAI -400053
TEL[protected]
MOB -[protected]

Banking — theft in my saving account

Dear Sir/Madam,
pls see below complete convertation with bank
need your help to refund my money
regards
vashisth Kumar

----- Original Message -----
From: madhukarjangra
To: [protected]@ingvysyabank.com
Cc: [protected]@yahoo.co.in ; [protected]@yahoo.com ; [protected]@ingvysyabank.com
Sent: Friday, October 24, 2008 3:42 PM
Subject: Re: money stolen from Ing Yyasa Bank


Dear Mr Pramod,
ref to your below mentioned reply, today is 24th & no news for my money, pls advise am I getting my money back tomorrow
after S'day there is continious holidays due to Diwali & I want my money before
rgds
Vashisth Kumar

----- Original Message -----
From: [protected]@ingvysyabank.com
To: [protected]@dscl.com
Cc: [protected]@yahoo.co.in ; [protected]@yahoo.com ; [protected]@ingvysyabank.com
Sent: Wednesday, October 22, 2008 9:48 AM
Subject: RE: money stolen from Ing Yyasa Bank


Dear Mr Vashisth,

This has reference to your below mail,

We are given to understand from our customer service line, Ms Selvi has contacted you regarding below issue and assured you that they will update status before Saturday (25.08.08), we request you to please bear with us until then .

Assuring our best service always

Thanks and regards
Pramod. P
___________________________________________________________
Customer Care Unit - Corporate Office
|ING Vysya Bank Limited, 22, M G Road, Bangalore - 560001
|):[protected]D), 25005000 Extn 1072|* [protected]@ingvysyabank.com

-----Original Message-----
From: madhukarjangra [mailto:[protected]@dscl.com]
Sent: Tuesday, October 21, 2008 2:57 PM
To: Customer Care Unit – CO
Cc: [protected]@yahoo.co.in; [protected]@yahoo.com
Subject: Re: money stolen from Ing Yyasa Bank


This is reminder
pls revert
----- Original Message -----
From: madhukarjangra
To: [protected]@ingvysyabank.com
Cc: [protected]@yahoo.co.in ; [protected]@yahoo.com
Sent: Monday, October 20, 2008 11:35 AM
Subject: Re: money stolen from Ing Yyasa Bank


Pls advise the progress report
rgds
Vashisth Kumar
----- Original Message -----
From: [protected]@ingvysyabank.com
To: [protected]@dscl.com
Cc: [protected]@yahoo.co.in ; [protected]@yahoo.com
Sent: Friday, October 17, 2008 2:02 PM
Subject: RE: money stolen from Ing Yyasa Bank


Dear Mr Vashisth,

This is with reference to your below mail,

We shall investigate your below complaint and shall respond back shortly, please bear with us until then .

Should you require any further clarification please feel free to contact us

Thanks and regards
Pramod. P
___________________________________________________________
Customer Care Unit - Corporate Office
|ING Vysya Bank Limited, 22, M G Road, Bangalore - 560001
|):[protected]D), 25005000 Extn 1072|* [protected]@ingvysyabank.com

-----Original Message-----
From: madhukarjangra [mailto:[protected]@dscl.com]
Sent: Friday, October 17, 2008 1:27 PM
To: Customer Care Unit - CO
Cc: [protected]@yahoo.co.in; [protected]@yahoo.com
Subject: money stolen from Ing Yyasa Bank


I am Vashisth Kumar living in Ghonda Delhi have a saving account with you since approx three years. A/c No[protected] in Yamuna Vihar Branch

on 12th Oct someone who have account no[protected] in same Yamuna Vihar branch transferred amount 58000/- from my account to his account via telephone banking, I don't have any telephone banking password, neither I asked for nor I used ever, then how it is possible someone stole mine 58000/- rupees from my bank, he also withdrawn within a day whole amount from his account (came to know after my meeting with Branch asst Manager Mr. Prasad) Mr. Prasad also told me after my discussion that my amount will be refund to my account within week or fortnight, also recd call from your Bangalore office Ms Sara also told me to refund my money in the same period,

I am very very upset that your peoples are opening account of fraud people without any inquiry, that's why genuine costumers like me are facing such problems & getting headache

Will you please tell us how A saving account being opened without proper inquiry, how anybody can got phone banking no of others Evan after so many promises from your side for 100% safe account, how anybody can withdraw more then 25000/- in a day on such account, how safe is our account with you

This is my humble request to you please refund my money in to my account as per given time period and need confirmation from your side on this mail

I will go for further action if necessery action will not take place on time



best regards

Vashisth Kumar

[protected]
may I request through you to all the INVESTORS AND CLIENTS OF INDIABULLS SECURITIES LIMITED AND ALL ITS ASSOCIATE COMPANIES, THAT LET THEM IMMEDIATELY WITHDRAW THEIR MONEY AND SECURITIES FROM THEM AS AT ANY TIME THEY MAY VANISH AND LIQUIDATE THEMSELVES, AS PER THE STATEMENT OF GAGAN BANGA, PRASUNJEET MUKHERJEE, AND PRIVATE SECRETARY TO SAMEER.EVEN PS TO SAMEER SECRETLY INFORMED ME THAT AT TIME SAMEER WENT UNDERGROUND BY FEARING ACTION FROM CBI AND INCOME TAX.
BRAJA BANDHU BEHERA, ADVOCATE

Credit Card — unauthorised trading

my credit card no is [protected] 6/9/2008 ko mere account unauthories tradind ki gai .jabki credit card mere pass hi rehta hai...c care mai call karnr per mujse kaha gaya ki wo paynent reverse ho jaegi agar apne koi trading nahi ki hai.
complaint karne per abhi tak uss trading ke bare mai kuch nahi bataya gaya hai .mere pass koi bill or merchant slip bhi nahi send kari hai bank ne or ye trading kis tarah ki gai hai ...plz is matter ko solve kare thanking you
Eleven Members of parliament lost their post on the basis of the investigation report ofCobra Post as because they taken bribe amounting below Rs. one lac for raising questions in the Parliament, where as Sameer, Gagan and Rajeev of INdiabulls Securities looted lacs of innocent investors of the country and out of the exploited investors some of them commited suicide still then neither our parliamentarian, judiciary, CBI, SEBI, NSE, BSE and RBI serious about it nor given attention to it.That means are the promoters of Indiabulls above the Legislators and Law of the soil.
Braja Bandhu Behera, Advocate
I HAD TEKEN PERSONAL LOAN FROM INDIABULLS FINANCIAL SERVICES LTD. RS.25601/- ON 25/5/2007 AND REPAID RS.22600/-, JUST DEFAULTING IN ONE OF MY EMIof rs.1800/- INDIABULLS MISUSED ONE OF MY BLANK SIGNED SECURITY CHEQUE BY FILING FALSE AMOUNT OF RS.28249/- AND FILED FALSE CHEQUE BOUNCE SUIT AGAINST ME IN PATIALA HOUSE COURT, NEW DELHI. INDIABULLS ALSO MISUSED MY BLANK SIGNED LOAN AGREEMENT BY FILING FALSE FIGURE OF 30 INSTALMENTS INSTEAD OF 24. I TRIED MY LEVEL BEST TO SETTLE THE MATTER BY OFFERING REASONABLE AMOUNT TO INDIABULLS BUT INDIABULLS DEMANDING ANOTHER RS.32, 499/- PLUS INTEREST AMOUNT FROM 18/12/2008 .INDIABULLS ARE AWARE THAT HOW TOUGH IS FOR ME TO DEFEND THE FALSE CASE IN NEW DELHI TRAVELING FROM MUMBAI. AS I HAVE NO OPTION TO FULLFIL ALL THE UNREASONABLE DEMANDS OF INDIABULLS. I MADE SEVERAL COMPLAINTS AGAINST INDIABULLS TO RBI BY WRITTING SEVERAL LETTERS, EMAILS, REMINDERS, TELEPHONE CALLS TO VARIOUS DEPARTMENTS OF RBI OF MUMBAI & DELHI OFFICES. BUT REGRET TO SAY THAT RBI IS NOT FEELING NECESSARY TO TAKE ANY ACTION AGAINST INDIABULLS. I ALSO MADE COMPLAINTS WITH CONCERN DEPARTMENTS OF MAHARASHTRA STATE & CENTRAL GOVT. DEPARTMENTS. WHOLE SYSTEM IS WITH INDIABULLS. DUE TO HARASSMENT & TORTURE BY INDIABULLS I AM NOT ABLE TO CONCENTRATE ON MY JOB DUTIES AND FOR THIS MY BOSS FIRING ME, I AM FACING MENTAL AGONEY, AND INSTEAD OF PAYING THE SCHOOLS FEES OF MY 2 FEMALE KIDS SECOND SEMESTER, I KEPT SCHOOL FEE MONEY WITH ME TO DEFEND THE FALSE SUIT FILED AGAINST ME BY INDIABULLS.
Indiabulls is above the Legislators and Law of the soil ?
[protected]@gmail.com
HARASSMENT & TORTURE BY INDIABULLS TO EXTRACT EXTRA MONEY.
I had taken personal loan from Indiabulls of Rs.25, 601/- on 25/5/2007 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 (Usurious rate of interest more than 60 % p/a.), denied the receipt of some amount debited from my bank. 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 has filled bogus cheque bounce case against me in Patiala House Court, New Delhi. As it is tough to defend the false cheque bounce case traveling from Mumbai to Delhi, Indiabulls forcing me to pay Rs.33208/- plus uncharged interest. To extract the money company filled thousands of cheque bounces cases in Delhi Courts. In spite of my several complaints to RBI against India bulls, RBI not taking the matter seriously and protecting Indiabulls by neglecting all my complaints. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to suicidal point. Financial Company openly violate the fair business practice guidelines given by RBI.

LINK:- http://www.mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-invest...
Dear Sir,
I am Kharade Shashikant N. have a saving account with your since approx tone years.
A/c No[protected] in Kolhapur branch You have charged Rs.403.55 in my account
on 31/12/08. I want to know what charges you charged in my account.

Thanks and regards

[protected]

IndiaBulls — Withdraw money not deposited into bank account

Hi All..
I have withdrawn Rs. 5000 from my Indiabulls trading account to my registered ICICI bank account. Indiabulls has withdrawn rs.5000 from my trading account and updated their balance but didnt credit the money into my bank account. I am shocked to see their behavior and afraid to do business with them. Beware...
This was my complaint. They have credited my money onto my account. It took days to credit into my account. But its my mistake to expect it as an online service. I would like to take out the complaint.
how?
Sub: Complaint against Mr. Amarjeet Singh (Regional Manager SEBI) Securities and Exchange Board of India, 5th Floor, Bank of Baroda Building, 16, Sansad Marg, New Delhi - 110 001.,

INDIAN STOCK MARKET SCAM 2008, OR FRAUDULENT MANIPULATIVE, AND ILLEGAL GAME OF FICTITIOUS FINANCIAL FIGURES WHICH IS NOT EXPOSED BY SEBI AND NSE TO NATION


I, GURINDER SINGH SAHOTA, hereby inform you that there are big financial frauds in practice in the Capital Market where both small and big investors are affected and they are incurring losses. It would be important to bring into your notice that this scam (Fraudulent Business Scheme) may turn out to be bigger than the Harshad Mehta Scam 1992, Ketan Parekh Scam 2001, IPO scam 2006, and Satyam scam, 2009 which affected the Economy of the Country and interest of investors.

Directors of Indiabulls Securities Ltd. sells the shares in unauthorized, Unfair, fraudulent, Manipulative, and Illegal manner amounting to Crores of Rupees without the consent and knowledge of the investors. Indiabulls Securities Ltd. sold the (share holdings) cash Segment deliveries from CDSL Depository Account without our consent and permission.
The above practice was noticed by various investors during the period January, 2008 when the Capital Market of India Crashed drastically. At the time of the Market crash in January, 2008 the Indiabulls Securities Ltd. sold the shares of the investors in order to cover up their own losses which they incurred during the market crash.

It has been noticed that Directors of Indiabulls Securities Ltd. operating in the Capital Market are running their business in unauthorized and unlawful manner, by not even complying the Rules and regulations framed by the NSE, CDSL, SEBI and RBI. They have even bypassed the Statutory Laws like SEBI Act, Depository Act, Companies Act, 1956, and The Contract Act.

It is in deed surprising to observe that the Regulatory Authorities like Securities and Exchange Board of India (SEBI), Central Depository Services (India) Limited (CDSL) Reserve Bank of India (RBI) and National Stock Exchange of India Ltd. (NSE) are allowing such Market Players/ Brokers/ NSE trading members to operate in such unlawful manner.

Such acts of the NSE trading member /Stock Brokers are hampering the Economy of the Country and the personal interest of the Small and big investors who invest in shares in anticipation of profits. By these malpractices Common investor and the country as a whole are incurring heavy losses by being a puppet in the hands of Stock Brokers and the Market Players. To allow these people to continue their malpractices would hinder the economy and the interest of the investors.

It is a preplanned fraudulent and unfair trade practice by playing trick tactics on financial figures / transactions. All this has been done and controlled by active connivance of Indiabulls Securities Ltd. to cheat the complainant and investigating authorities. Please find the reasons behind the India's one of the biggest stock market FRAUD/SCAM 2008.

Being a citizen of India and being aggrieved by this scandal, I am giving you the information about these Market Players who play fraudulent business games with innocent investors. These Regulatory Authorities with their negligence and Connivance with their NSE trading members/stock brokers have left many people in misery, depression and helpless situation.

It is also important to note here that people (Investors) who try to raise their voice against these malpractices are suppressed by implication in false and fictitious Court cases.

That I along with other innocent investors shall suffer with irreparable loss and injury if the necessary action be not taken against such malpractitioners. The aforesaid Acts/offences are of very serious in nature and need to be investigated thoroughly. Disproportionate Account books, bank accounts, balance sheet and memorandum of Indiabulls Securities Ltd. and other Indiabulls promoter's group companies may be audited by independent Auditor.

I, therefore, request that the above mentioned scam may kindly be thoroughly investigated upon and an FIR may be registered against them under the relevant sections of the IPC or the other laws relating thereto for committing the offences of criminal breach of trust, cheating, forgery Fraud, Extortion, blackmailing Criminal Intimidation, and Misappropriation of Property and criminal conspiracy by Directors of Indiabulls Securities Ltd.

That I have filed a written complaint before the Mr. C. B. Bhave (Chairman SEBI), Securities and Exchange Board of India., Plot No.C4-A, 'G' Block, Bandra Kurla Complex, Bandra(East), Mumbai 400051, Mr. Amarjeet Singh (Regional Manager SEBI), Securities and Exchange Board of India, 5th Floor, Bank of Baroda Building, 16, Sansad Marg, New Delhi - 110 001., Mr. S. B. Mathur (Chairman NSE), National Stock Exchange of India Ltd., Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. and Mr. T. Venkat Rao (Asst. Vice President NSE) National Stock Exchange of India Ltd. 4th Floor, Jeevan Vihar Building, Parliament Street, New Delhi-110001, and the Commissioner of Police. Delhi Police, Police Headquarters, M.S.O. Building, New Delhi-110 002.

It seems to me that the officers of SEBI Mr. Amarjeet Singh (Regional Manager SEBI) and NSE Mr. T. Venkat Rao (Asst. Vice President NSE) do not want to proceed with any strict action on my complaint and are trying to Mislead and deceive me intentionally. This kind of act on their part is nothing but breach of their duty. These kinds of officers are misusing and abusing their Designation/Post/position, & office and are helping and supporting the accused persons by taking their favor and trying to save them in every possible manner.

These officers in order to save the accused persons have designed certain plan of action and scheme because of which the accused persons are managing to run away from the matter. They are continuously befooling me and my family members by delaying the investigation against the accused persons. They always play some trick and dupe me to delay the proceedings. These officers are having very close relations with the higher officials of the accused company.

That these officers give false assurances that makes the complainant anxious and nervous regarding the dispute. They also create panic in the mind of the complainant which results in severe depression, despair and misery to the complainant. This is nothing but psychological torture and harassment for the complainant. These officials go beyond the limitations of the rights and power of the chair to help the accused.

The officials deceive complainant as he is not aware of the laws and procedures. They don't take actions on regular complaints. Non delivery of justice is proof of the fact that these officials are not interested in dispensing justice. They act in an irresponsible manner. This matter needs to be enquired into.

Investigation vigilance officials are required to investigate into the assets of these two officers, to include: - Disproportionate assets, Gifts obtained & accepted, Pecuniary resources and Advantage of this chair - unknown & known sources of income, Benami property, Fixed deposits, National saving certificates, Bonds, Benami Accounts and valuable things, Other properties and also property, shares, Mutual funds, Demat and trading Accounts, Bank accounts, investments in gold and diamond jewelry and Bank books and Lockers of their wife, relatives and friends.

This is the matter of departmental investigation, please begin departmental, disciplinary, vigilance and anti corruption proceedings against Mr. Amarjeet Singh (Regional Manager SEBI) and Mr. T. Venkat Rao (Asst. Vice President NSE).
Sub: 1) Complain against Indiabulls Securities Ltd.SEBI Registration No. –IN-DP-CDSL[protected], DP ID[protected], ”Indiabulls House”448-451, Udyog Vihar, Phase-V, Gurgaon-122 001(Haryana), regarding forcibly, arbitrarily, illegally, unconstitutionally and against all rules and regulation of SEBI transferred/taken all my shares worth Rupees more than one Crore from my Beneficiary Owners Account No.[protected].
2) Complain against the Authorities of Central Depository Services (India) Ltd., who are openly and blindly helping Indiabulls in their Illegal, unconstitutional, criminal and fraud work, as because the CDSL authorities very well knew Indiabulls Securities Ltd.violated all the Rules and Regulations of SEBI’s DEPOSITORIES ACT and the agreement and Power of Attorney copies which are provided by CDSL to me are fraud and fake and Indiabulls failed to supply Delivery Instruction Slip Book, Inter Depository Delivery Instruction Slip Book and DP statement in spite instruction of CDSL.
3) Indiabulls Securities is guilty o[censored]/s 409, 420, 423, 424, 467, 468, &471 of IPC.As per section 24 of the Depositories Act 1996 SEBI may holding inquiry for purpose of penalty U/s 19A, 19B, 19C, 19D, 19E, 19F&19G of the Depositories Act.

Ref: SEBI letter no. DPS/11/CDSL/AG-DP/GN/20/54269/2005 dated. 21/11/2005, 2005/0050713/01 dtd.3/12/2005, MIRSD/DPS-2/B Comp/4519/63067/06 dtd.21.03.2006, 2006/0013322/01 dated. 12/04/2006 and 2007/0003125/01 dtd.8/2/2007.

Sir,

With great hope and despair I am writing this letter to save me and my family from our suffering, frustration and poverty as Indiabulls illegally, unconstitutionally and against all the Rules and Regulation of SEBI taken away all my life long earnings (entire shares from BO account), even though Indiabulls given in writing on 20.10.2005 to resolve my claim, but so far remain silent due to the help, support and blessings of CDSL authorities without resolving my claim and I don’t know at the age of 57, how can I maintain my family and educate my children and when I will get justice?
1. That since from October, 2005 I am in regular touch with CDSL and SEBI officials and so far sent more than hundreds of letters to SEBI and CDSL under copy to all concern, hundreds of fax msgs., thousand telephone calls and lakhs emails but to my bad luck and misfortune, so far SEBI authorities failed to resolve my legal and genuine claim, even though Indiabulls given in writing to resolve my claim where as the Directors of Indiabulls are lavishly enjoying my capital by the blessings and cooperation of the CDSL authorities, where as myself and my family members totally ruined and now we are street beggar as I am now 57 years old and my entire life long earning being taken away by Indiabulls and its Directors. In several occasion I spoke to your predecessor Sri M.Damodaran, which his secretary can confirm, but most unfortunately he was not in a position to resolve my genuine and legal claim rather every time told me to contact his subordinates in this respect. After your joining as CHARIRMAN, SEBI I got ray of hope and accordingly sent several mails to you but so far not received a single reply.
2. Before coming to the subject, may I submit before you one thing: whether Indiabulls and it’s Directors Mr. Sameer Gehlaut, Mr. Rajeev Ratan, Mr.Gagan Banga and other are above SEBI Rules and Regulations and law of the land and whether the CDSL are guided by the SEBI Rules and regulation or not? The reason being from the action and reply of CDSL it seems they are under the mercy and control of Indiabulls.
3. SEBI PREAMBLE:” To protect the interest of the investors in Securities and to promote the development of and to regulate the Securities market and for matters connected therewith or incidental thereto, while exercising the powers, SEBI has the same powers as are vested in Civil Court under the code of Civil procedure 1908 while trying a suit”.
4. TO QUOTE SEBI: “A DEPOSITORY interfaces with the investors through its agents called DEPOSITORY PARTICIPANT (DPs).If you want to avail of the services offered by a Depository, you need to open an account with a DP.This is similar to opening an account with any Branch of a Bank in order to utilize the Bank’s services”.
5. DELIVERY INSTRUCTION SLIPS (DIS) BOOK: DIS Books are like Cheque Books and you must handle carefully. You should insist your DP to issue a DIS book (not loose slips).The DIS numbers must be preprinted and prestamped.Dont leave signed blank DIS with any one and keep the DIS book under lock and key when not in use.
6. SELLING DEMETERIALZED SHARE: After you have sold the securities, the delivery instruction has to be given to your DP using the DIS given to you by your DP at the time of opening the account.
7. ISSUE OF DP STATEMENT OF ACCOUNT: Ensure that both your holding and transaction statements are received periodically as instructed to DP by SEBI.You are entitled to receive a TRANSACTION STATEMENT EVERY MONTH if you have done any transactions and once a quarter if there have been no transactions in your Account.
8. REGISTRATION OF ELECTORNIC ACCESS TO SECURITIES INFORMATION (easi): easi is a convenient, easy to operate internet based facility, which allows registered BENEFICIAL OWNERS(BOs) and Clearing Members(CMs)to access their Demat Account through the internet to check the details of their holding and or transactions, any time any where.
9. CDSL CONDUCTS INVESTORS AWARENESS PROGRAMMES:CDSL organize investors awareness programme at various location of the country in order to educate the investors about the Rules, regulations of CDSL, SEBI and rights and duties of the investors while dealing with the DP:
10. Whether the above mentioned rules and regulations are only applicable to the BENEFICIAL OWNERS BUT NOT TO THE DEPOSITIRY PARTICIPANTS: INDIABULLS SECURITIES LTD? WHETHER CDSL ACTING AS PER THE REULES AND REGULATIONS OF SEBI? WHETHER CDSL SERIOUS ABOUT THEIR DUTIES AND RESPONSIBLILITIES ?WHETHER CDSL ARE WORKING AS THE AGENT OF INDIABULLS SECURITIES LIMITED THE DP?THE ANSWERS ARE YES?THE REASONS AND PROOFS ARE EXPLAINED BELOW:
11. HOW VIOLATING ALL THE ABOVE MENTIONED RULES AND REGULATION AT SERIAL NO.3 TO 9, INDIABULLS SECURITIES LIMITED AND IT’S DIRECTORS MR. SAMEER GEHLAUT, GAGAN BANGA AND RAJEEV RATAN EXPLOITED, CHEATED, BETRAYED, LOOTED ME BY FRAUDULENT MEANS AND TAKEN AWAY/TRANSER SHARES WORTH RUPEES MORE THAN ONE CRORE WITH THE HELP AND COOPERATION OF OFFICIALS OF CENTRAL DEPOSITORY SERVICES INDIA LTD?:That on request of both Mr. Trilochan Sahoo, Relationship Manager(who has not passed NCFM Examination) and Mr.Prasunjeet Mukherjee, Eastern Zonal Head of Indiabulls Securities, I executed and signed on all the papers of Client-Member Agreement(such a bulky and complicated agreement not found any part of the world), Depository Participant and Beneficiary Owners Account opening Agreement form and POWER OF ATTORNEY FORM(THE SAID FORM IS DUPLICATE AND SELF MANUFACTURING ONE ONLY TO SUIT INDIABULLS), while signing those papers and agreement, the RM never told me that signing of POA is not mandatory. That immediate after opening of the DP Account Mr.Gagan Banga, Director, Indiabulls vide his letter dated 18.11.2004( copy enclosed as per Annexure-A)asked me to transfer all my shares to their Beneficial Owners Account(BO Account) No. [protected], I don’t understand on what basis and under which rules OF SEBI, Gagan Banga asked to transfer my shares to the BO account of Indiabulls, this may kindly be examined, but I couldn’t agree to it, then after again and again their RM Mr. T. Sahoo asked me to transfer all my and my wife’s shares from UTI BANK( NSDL) to the DP Account A/c No. [protected] allotted to me by Indiabulls, accordingly I transferred all the shares to this account from UTI BANK for online trading, when Indiabulls and its Directors knew the worth of my shares more than Rupees one crores, they stopped supply me DELIVERY INSTRUCTION SLIP BOOK, INTER DEPOSITORY INSTRUCTION SLIP BOOK, DP TRANSACTION STATEMENT AS PER REGULATION 43 OF SEBI, COULDNOT ALLOW ME easi REGISTRATION, NOT RETURNED THE CLIENT-MEMBER AGREEMENT AND COPY OF OTHER AGREEMENTS NOR ALLOW ME FOR ONLINE TRADING. Whenever I enquired and asked both Sahoo and Mukherjee they were telling don’t worry all your shares are intact. That Mukherjee visited me several times to convince me in this respect. Then after both Gagan Banga and Prasunjeet Mukherjee asked me to trade in Penny stocks, which I couldn’t agree. That in spite of several reminders when they failed to resolve my issue, I thought it proper to bring this matter to the notice of both SEBI AND CDSL, further I found both in Print and Electronic media about the news published against Indiabulls and its Directors(Sameer and Gagan) and when SEBI, Income Tax and CBI raided the offices of Indiabulls, at that moment I wrote to both SEBI and CDSL under copy to Indiabulls in October 2005.When Gagan and Sameer knew about the complaints, both of them spoke to me more than thousand times and invited me to MUMBAI to resolve my claim, which I couldn’t agree. Then finally Indiabulls Directors sent their eastern Zone Head PRASUNJEET MUKHERJEE to Bhubaneswar on OCTOBER 20, 2005, MUKHERJEE CALLED ME TO HOTEL CROWN and in presence of their other officials discussed about my problem. He requested me not to complain to any body they are prepared to return all the shares and dividend accrued there on, from his room he spoke to GAGAN BANGA, DIRECTOR ON EVERY MOMENT AFTER 15 MINUTES INTERVAL, FINALLY THEY GIVEN IN WRITING TO TRANSFER ALL MY SHARES AND ADMITTED THEIR CRIME(copy of the Minutes dated 20.10.2005 are enclosed for your kind reference and record, earlier also I sent the copy to SEBI), but immediate after his arrival at KOLKATA, he asked me to transfer the shares from the DP account, as I don’t have Inter-depository DIS Books, asked Mr. Sahoo, RM to supply me the DIS Books, but unfortunately Sahoo supplied me LOOSE SLIPS OF SHARE TRANSFER FORM on October 21, 2005 (which is illegal as per SEBI RULE), then I submitted the Share Transfer Forms duly filled in with Indiabulls office on the same day of October 21, 2005 and got it acknowledged(copy enclosed as per Annexure No…B), later when I enquired my DP UTI bank, they told the said shares were not transferred to my account, then immediately on October 25, 2005 I spoke to Mr. SUHAS KULARNI, INVESTOR RELATION OFFICER OF CDSL over phone and as per his advice sent a fax message and posted the letter on the same day of 25.10.2005.Then after I spoke to Prem Mariwal, Asst.Vice-President, CDSL, he told that all my shares are in the DP and they are arranging to sent the DIS Book, easi Regn. Form and DP holding statement of account very shortly but later sent the details of the share holding to my email on 26.10.2005, hard copy vide letter no. CDSL/IG/SBK/2005/92 dated October 26, 2005(copy enclosed) for the first time I received the DP statement after lapse of one year, I don’t understand during rest of the period both CDSL and Indiabulls were exempted from sending the DP statement, is it not violation of SEBI Regulation 43? CDSL authorities advised me to submit the easi Regn.form with Indiabulls office immediately accordingly I submitted the easi Registration form duly filled in and signed with Indiabulls office and got it acknowledged(copy enclosed) Then after spoke to Mr. Jasdeep Singh Kohli of CDSL Delhi office to freeze my account, Mr. J.Singh assured to freeze the account and further assured and confirmed that my DP Account being Freezed, but later it was found the account was not freezed under pressure from Indiabulls, when Indiabulls could know about all the developments at that moment they forcibly, illegally and unconstitutionally without DI Slips transfer all my shares from the BO account with knowledge of CDSL officials. Then after I spoke to Executive Secretary to Managing Director, CDSL and the President of CDSL and inform them about all the developments, but they failed to resolve my dispute under pressure from Gagan Banga as revealed by Mr. Kulkarni of CDSL.
12. Indiabulls never felt it necessary to reply to any of my letters, fax messages and emails(this is total violation of SEBI Rules) but the CDSL authorities on the basis of the letter of Indiabulls addressed to CDSL replied me vide their letter no. CDSL/IGC/SBK/2005 dated November 14, 2005(copy enclosed) under copy to Shri Suresh Menon, General Manager, Market Regulation Department Policy, SEBI and to quote” it was observed from the inspection that the DP had transferred the securities from your account in accordance with the authorization given by you in this regard”. Through you may I ask one question to the authorities to CDSL, if at all on the basis of POA, Indiabulls sold/transferred all my shares from the BO Account, but what made Indiabulls to stop supply me the DIS Book, Inter Depository DIS Book, easi registration and DP statement as per Regulation 43 of SEBI, this my please be clarified. Further after lapse of one year of the dispute how Indiabulls supplied me the DIS BOOK(after looting/transferring and taking my entire shares) and then after regularly sending the DP statement, that means at the time of forcibly transferring of my shares the said SEBI rule was not applicable to Indiabulls and CDSL?Mention may be made here that when your self (Sri C.B.Bhave) was the Chairman of NSDL in an interview to OUTLLOK MONEY told, ” in case of INDIABULLS Demat Account, it is mandatory to issue the DIS BOOKS to the BO even if he has signed the POA(copy of the publication enclosed), again to quote the SEBI’s Reading Material: DEPOSITORY SERVICES:’A Depository interfaces with the investors through it’s agents called DEPOSITORY PARTICIPANTS(DPs), if you want to avail of the services offered by a Depository, you need to open an account with a DP.This is similar to opening an account with any branch of a bank in order to utilize the bank’s services’ DELIVERY INSTRUCTION SLIPs(DIS):’DIS are like cheque book and you must handle it carefully. You should insist your DP to issue a DIS book(not loose slips).The DIS numbers must be preprinted and your account number(client id) should be pre-stamped Do not leave signed blank DIS with any one and keep the DIS book under lock and key when not in use”. Can you please enlighten me, whether Sri Suresh Menon of SEBI was not aware of the said Rule? If yes then after receiving the copy of CDSL letter dated November 14, 2005, why so far Sri Menon remained silent without initiating any action, this may kindly be enquired. Whether CDSL authorities are not aware of the SEBI Rules and Regulation, if so then why so far they remain silent and every time asking me to go for Arbitration? That vide letter no. CDSL/IGC/SBK/2005 dated November 18, 2005, CDSL replied and to quote, ’ it was observed that the securities have been transferred from your account pursuant to power of Attorney issued by you, a copy of which is enclosed for your ready reference’, copy of this letter marked to Sri Suresh Menon of SEBI.That on receipt of the said letter along with the copy of the Power of Attorney(POA) and Agreement, I was totally shocked as because the signature of the two witnesses of the POA and one witness of the Agreement are fake, fraud and duplicate, which being confirmed by one of the witness of the POA Sri Sameer Deo, Qr. No. IV-36/4, Unit-I, Bhubaneswar-9, given in writing that he is an employee of ING VYSYA BANK, BHUBANESWAR and no where in any document of Indiabulls he signed as witness(Copy enclosed).Similarly the other signatory of the POA Sri Amit Chandak, 203, Manorama App, Lewis Road, BBSR, there is no body named Amit Chandak stayed in this app nor in Bhubaneswar, the undersigned met the owner of the app.(who is a retired beaurcrat) and enquired about Amit Chandak, he confirmed no body named Amit Chandak ever stayed in this apartment nor in Bhubaneswar town(first of all the address is wrong as because in an agreement it should be mentioned Apartment No but not plot number similarly Bhubaneswar but not BBSR).I sent all the proof to CDSL under copy to Sri Suresh Menon of SEBI, but so far no action. Even the DP couldn’t hesitate to put duplicate signature of my wife, on the agreement (copy enclosed) Please go through the copy of letter of CDSL dated 8th December, 05 and December 20, 05 addressed to Indiabulls, whereas it was requested by CDSL to Indiabulls to provide parawise comments on complaint of Sri Braja Bandhu Behera, but Indiabulls failed to respond. When Indiabulls failed to respond the order of the authorities (CDSL), why should they bother to my letters, but the doubts come to my mind, under what circumstances, the CDSL authorities failed to take any action against Indiabulls knowing very well that Indiabulls violated all the Rules and Regulation and even involved in criminal activities, as because forcibly transfer of shares from BO Account, putting fake and duplicate signature on POA as well as on agreement and most importantly Indiabulls given in writing to resolve my claim.
13. As you know all agreements are Contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object; inorder to constitute a contract, for a lawful consideration and with a lawful object; inorder to constitute a contract, both parties must consent to the agreement. Section 13 and 14 of the Indian contract Act 1872, two or more persons are said to consent when they agree upon the same thing in the sense, consent is said to be free whom it is not caused by fraud as defined in Section 17(A) any other Act fitted to deceive, fraud means includes during any other act or making any such omission as the Law special declare to be Fraudulant.Now when Indiabulls PUT FAKE AND FRAUD SIGNATURE OF WITNESSES ON ALL AGREEMENTS AND POA, THE SAID AGREEMENT IS VOID as per Section 24: agreement is Void if considerations and objects unlawful in part.SEBI in its Legal Frame Work:4:9 repeated Indian Contract Act 1872 and clarified, ” a contract is an agreement enforceable by law as per Section 2(h):As per SEBI Rule(3:3:3)an agreement shall be executed on non judicial stamp papers of adequate value, duly signed by both parties on all pages of the agreement, (the non judicial stamp papers of Indiabulls on which I signed are duplicate/fake and about it, I reported to Principal Secretary, Finance Department, Govt. of Orissa under copy to Secretary, Home, DIG, Police and S.P.Bhubaneswar, Copy enclosed)”fraud” includes any act, expression, omission or concealment committed whether in a deceitful manner or not by a person or by any other person with his connivance or by his agent while dealing in Securities in order to induce any other person or his agent to deal in Securities whether or not there is any wrongful goin or avoidance of any loss. Here the agents of Indiabulls including Sameer, Gagan, Prasunjeet and Trilochan Sahoo INDULGED IN FRAUD by putting fake and duplicate signature of witnesses on agreement and the POA form on which I signed was duplicate one, as after one year of my complain, they sent another POA form(on top of the POA form it is written signing of POA is not mendatory, where as in earlier POA form, on which I signed it was not there, I am enclosing both the POA forms for your kind reference and record, which can speak about Fraud of Indiabulls).Perhaps in Corporate history and so far the Brokers and DPs are concerned no body put duplicate signature and use duplicate POA form as like Indiabulls.The above acts of the Indiabulls are CHEATING DISHONESTLY INCLUDING DELIVERY OF PROPERTIES/SHARES BY FORGING SIGNATURES OF WITNESSES AS PER SECTION 420 OF INDIAN PENAL CODE, DISHONEST OR FRAUDULENT EXECUTION OF DEED OF TRANSFER CONTAINING FALSE STATEMENT OF CONSIDERATION AS PER SECTION 423 OF IPC, DISHONEST OR FRAUDULANT REMOVAL OR CONCEALMENT OF PROPERTIES/SHARES AS PER SECTION 424 OF IPC ALSO FORGERY OF VALUABLE SECURITIES AS PER SECTION 467 OF IPC, FORGERY FOR CHEATING AS PER SECTION 468 OF IPC USING AS A GENUINE A FORGED DOCCUMENT AS PER SECTION 471 OF IPC.
14. The best proof of involvement of CDSL people in the criminal activities of Indiabulls are that after three months of the dispute, Indiabulls sent me and all the BOs of the country the DIS Book(but not inter Depository DIS Book, knowing very well I am having account with Axix Bank, NSDL: DP), Power of Attorney Form and DP statement, which I received on 05/01/2006.Can you please enquire why and how Indiabulls failed to send the above materials to all the BOs of the country prior to my complain and what the CDSL officials were doing all those period for more than one year, have they not inspected the records of Indiabulls, after receiving lakhs of compliant letters? So it is clearly proved CDSL people were involved in this criminal activities of Indiabulls.That while going through the DP statement(copy enclosed), I found some shares are left in my BO account, immediately I informed CDSL authorities about it, the CDSL authorities asked me to transfer those shares, as I was not having the Inter depository DIS Book, enquired CDSL people how to transfer those shares, then they advised by using loose slip, transfer the shares, then immediately I deposited the share transfer forms with Indiabulls and got it acknowledged(copy enclosed), but Indibaulls without transferring the shares again forcibly sold the shares with knowledge of CDSL authorities and sent me a contract note bearing no NSE/N/2006105/BHU/785520 dated 07.06.2006 which I received on 29/06/2006.From this it is clear with the knowledge of CDSL authorities Indiabulls are doing such crimes, which may kindly be enquired?
15. That since from June, 2005 till date most of Electronic Media particularly CNBC TV 18 and NDTV Profit and Print Media are regularly publishing news about CHEATING, FRAUD, EXPLOITATION AND CRIMINAL CONSPIRACY OF INDIABULLS SECURITIES LTD.The first fraud and cheating case of Indiabulls published in Deccan Chronicle dated. 25/11/2005( how Indiabulls taken away shares worth Rs. 73.00 lakhs of Mr. S.Radhakrishna of Chennai).Similarly my case also being published on front page of the Leading Oriya daily Dharitri dated 29/04/2006 and Sambad dated 29/04/2006(copy enclosed) and Leading Orissa TV announced the news on 29/04/06 and 30/04/2006.In an interview to OTV, Prasunjeet Mukherjee of Indiabulls admitted their fraud and crime even they have given in writing to Oriya daily Sambad to resolve my claim, but so far remain silent, may be due to support from CDSL authorities. The Govt. admitted in Parliament about 43 stock scams took place in the country so far, but the way Indiabulls cheating, exploiting and looting the innocent individual investors are unique in the country, but what the Government is doing? Even after all the developments the Directors of Indiabulls freely and openly cheating the innocent investors may be with the knowledge of Market Regulating Authorities as well as Government.
16. That as per SEBI’s letter dated 27/04/2006(copy enclosed), out of 12 complaints SEBI received from Small and Individual Investors of the country 10 are against Indiabulls, from this it shows how serious the authorities of SEBI about the Fraud and Cheating of Indiabulls.That since October, 2005 I am in regular touch with the SEBI officials Mr. M.Damodaran, Ex Chairman and his Secretary, Mr.G. Ananthraman, Whole Time Member, Mr. Suresh Menon, CGM, Mr. N.Hariharan, Mr. G.Neeraj, Mr. D.Rajesh kumar, Mr. Pratik Kar, Executive Director, Mr. Jeevan and Ms Amy Durga, manager and it was told to me by the Whole Time member that Ms Amy Durga, exclusively handle my case, but so far no action nor any reply from her though I have sent more than fifty letters, 50 fax messages and thousand emails.MS AMY DURGA VIDE HER EMAIL DATED DECEMBER 13, 2005 ASKED ME TO SEND THE LIST OF SHARES WHICH INDIABULLS TRANSFERRED/TAKEN FROM THE BO ACCOUNT, I SENT THE LIST OF SHARES VIDE MY LETTER DATED DECEMBER 19, 2005 AND BY EMAIL. Though I am highly qualified and by profession an Advocate of Orissa High Court but fail to understand, how SEBI Act being enacted in the Parliament in the year 1992 to protect the interests of the investors in Securities? Rather it is found after creation of SEBI the DPs and Brokers are well protected even if they made crores of cheating, fraud and crime.
17. That in April 2008, SEBI invited comments and suggestions from the investors for improvement in Sales practices, accordingly I sent my comments and suggestions containing two pages with 12 paragraphs A to J to Sri Susanta Kumar Das, Asst. General manger, SEBI.In my suggestions and comments I have suggested to scrap/ withdrawal or amendment of Power of Attorney, simplification of Client-member Agreement and DPs or Brokers has to give securities or guarantee by way of bonds to Investors: Now I am happy to note SEBI accepted my suggestions as can be seen from the news published in Business Standard dated 24/25 January, 2009”SEBI to issue norms on Power of Attorney” and simplification of Client-Member Agreement .
18. I have reported to Orissa police CID, Crime Branch, Cuttack and given questionnaires to the Crime Branch Inspector Sri P.K.Panda on 27/04/2008 and met him more than twenty times both at his office and Residence and also accompanied him to the office of Indiabulls at Bhubaneswar, Mr. Panda promised me to supply the copy of the replies of Indiabulls and lodge FIR with local police station but so far no action.Mr. Panda also called the officials of Indiabulls from New-Delhi and Kolkata to his office and examined them, but to my bad luck after lapse of 4 months vide letter No. 32592/CID.PT date 30/08/2008(copy enclosed)the Superintendent of Police, CID, CB, Orissa, Cuttack has informed me that the cheating, fraud and fake signatures are civil in nature, therefore SEBI is appropriate authority and power to punish the accused, from this it is clear the reply being prepared on dictation of Indiabulls people and it proves how powerful the Indiabulls officials are? I failed to understand, how the Crime Branch SP replied the case is civil in nature SEBI is the only forum to enquire the complaint, if it is so how on the complain of ICICI Bank, the Mumbai Police formed a special team to look in to a cartel led by some high profile stock brokers are trying to manipulate the bank’s stock? How the Hyderabad Police arrested K.S.Raju, Chairman Nagarjun group for alleged defaulting on payments to NFL depositors? How on complaint of Educomp Solutions, the Additional Commissioner of police, Economic Offences Wing, Crime Branch (Delhi Police), decided to identify the source of malicious emails alleging accounts manipulation? There are several cases relating to Securities market, where police taken up the cases, but to my misfortune and bad luck, the Orissa Police turndown my appeal. Recently fallowing a court directive, the Delhi Police has registered FIR against Indiabulls under charges of cheating, forgery and criminal conspiracy. The FIR was registered at the Connaught Place police Station on January 14, 2009 and the news being published in Indian Express dated. January, 19, 2009 (copy enclosed)
19. GRIEVANCES: You should approach your DP for any Grievances related to Depository Operations. In case of failure of your DP to resolve your Grievance, you can write to your Depository. In case Depository/Depository Participant does not redress your grievance adequately, you may write to SEBI.While inaugurating the SEBI Building on October 5, 2006, the Honorable Prime Minister, Dr. Man Mohan Singh asked the market Regulator SEBI to ensure that the interests of the investors will be fully protected, as he is receiving crores of complaint cases. It is the task of the regulator to protect the interest of the investors. This is the primary task of any market regulator. Since the Depository and Depository Participant failed to resolve my genuine and legal claim (even Indiabulls given in writing to resolve my claim), I approach you to resolve my claim administratively as per the law.
20. How Democrat the Americans are and how powerful their Judiciaries are? The best example is Ex-Enron CEO gets 24 years Jail: Former Enron corp chief executive officer Jeff Skilling was sentenced to more than 24 years in prison for leading a Financial Fraud that destroyed the company and came to symbolize a dark era for corporate America. US District Judge Sim Lake, in handing out the harshest sentence yet in the Enron saga, said Skilling’s crimes” have imposed on hundreds if not thousands of people a life time of poverty”. Judge Lake’s sentence of 24 years and four months was lowest it could have been within federal guidelines for white collar crime.Skilling, once one of corporate America’s brightest and brashest stars, was subdued but stoic. Where as in India every day both in Print and Electronic Media published the news about the Fraud and Cheating of Indiabulls But what happened to the Directors of Indiabulls: Sameer Gehlaut, Rajeev Ratan Gagan Banga and others whose crimes are no way less than Enron Fraud as Indiabulls CHEATED, EXPLOITED and LOOTED lakhs of Innocent Small and Individual Investors by VIOLATING SEBI RULES AND REGULATION AND IN MY CASE INDIABULLS GIVEN IN WRITING TO RESOLVE MY CLAIM AND ADMITTED THEIR CRIME, BUT SO FAR REMAIN SILENT.EVEN AFTER ALL THESE DEVELOPMENTS WHY SEBI AND GOVERNMENT NOT TAKEN ANY SERIOUS ACTION AS LIKE AMERICAN LAW.
21. Sir, you will find from the web site of Indiabulls that Indiabulls incorporated on January 10, 2000 as M/s Orbis InfoTech Private Limited at New Delhi and later changed the name of the company to Indiabulls on March 16, 2001 and became a public limited company on February 27, 2004(honestly speaking and as per the news published they changed the name of the company after cheating, forgery and falsification of account, the complaint No.509/05 was filed with the Crime Branch in Chennai after S.Radhakrishnan filed a direction petition in the Chennai High Court).Initially the promoters of Indiabulls arranged Rs. 70.00 crores from different sources and after three years of their unethical business their assets grew to more than Rupees Sixteen Thousand Crores and The Hindu Business Line dated September 13, 2008 published the news THREE INDIANS INCLUDING SAMEER GEHLAUT, CHAIRMAN AND CEO, INDIABULLS AMAONG FORBES WEB BILLIONAIRES. What is the magic, how the promoters of Indiabulls accumulate such huge property? Have they planted money tree, even if planted money tree it will not grew the way they generated the capital, it was possible only because they cheated, exploited and looted lakhs of innocent investors including me.
22. SEBI ACTION AGAINST INDIABULLS AND THE SUSPENSION ORDER ON INDIABULLS BEING KEPT ABEYANCE WITHIN 12 HOURS OF THE ORDER: What prompted the SEBI and it’s Whole Time Member Sri G.ANANTHARAMAN to put a stay on its own order of suspension of Trading in a little over 12 hours after it passed an ex parte order against some of the biggest market participants including Indiabulls Securities Ltd. on Thursday April 27, 2006? Was there any political pressure to do that? Or did Sri Anantharaman of SEBI eventually bow down to plain financial and legal logic? Soon after SEBI made its order public at 8.30 pm on Thursday, naming some of the biggest market players as guilty of cornering shares in IPOs meant for retail investors, top officials at brooking houses including Gagan Banga and Sameer Gehlaut went through the order in detail. Most of them spent the night at their office, trying to gauge the probable extent of damage and chalk out a strategy to fight the order. It is learnt the next day early morning both Sameer and Gagan had been to residence of Sri G.Ananthraman and then after frantic phone calls between north block in Delhi and top officials of Mumbai that morning ensured dilution of the order and just minutes before the market opened at 9.55 am the suspension order revoked. Such decision of SEBI may be the world record and it is clear SEBI being created not to protect the interest of CRORES OF INVESTORS FOR WHICH THE SEBI ACT BEING ENACTED IN THE PARLIAMENT BUT TO PROTECT THE INTEREST OF THE STOCK BROKERS, THOSE WHO ARE CHEATING AND EXPLOITING THE INVESTORS.SEBI, INCOMETAX DEPARTMENT AND CBI RAIDED THE OFFICES OF INDIABULLS ON SEVERAL TIMES AND EVERY TIME FOUND THEY ARE GUILTY AND VIOLATED ALL THE RULES AND REGULATION OF SEBI AND LAW OF THE LAND, BUT STILL THEN NOTHING HAPPEN TO THE DIRECTORS AND THAT IS REASON WHY THEY ARE CHEATING AND EXPLOITING THE INEVSTORS REGULARLY.IF A COMMON MAN MADE ANY MISTAKE ON THE ROAD, THE POLICE TOOK HIM TO PLOLICE STATION AND THEN AFTER SEND HIM TO JAIL, THE REASON BEING HE IS POOR AND INNOCENT.
23. SEBI FINES INDIABULLS FOR FRAUDULENT PRACTICES: Business Standard/Mumbai February 26, 2009: SEBI has slapped a fine of Rs. 15 lakh to INDIABULLS Securities for conducting “manipulative and fraudulent” practices in the Future and Options (F&O) market during January to March 2007SEBI fines Indiabulls for unfair F&O transactions. In its adjudication order today, the regulator said that during the period, Indiabulls Securities had carried out reversal transactions in 23 F&O contracts. As per SEBI norms, a company becomes liable to pay a penalty of Rs. 25 crores or three times the amount of profits made out of such practices for Fraudulent and unfair trade practices. BEING I AM AN ADVOCATE FAIL TO UNDERSTAND, WHY THE AUTHORITIES OF SEBI SILENT IN MY CASE, I HAVE GIVEN ALL PROOF AND SUBMITTED PAPERS, HOW INDIABULLS BY FRAUDULENT MEANS TAKEN AWAY MY ENTIRE LIFE LONG EARNING/SHARES WORTH RUPEES MORE THAN ONE CRORES.EVERY DAY SEBI RECEIVED HUNDREDS OF COMPLAINTS FROM THE INVESTORS, BUT NEITHER SEBI, POLICE AND THE GOVERNMENT TAKEN ANY ACTION AGAINST INDIABULLS AND SAVE THE INNOCENT INVESTORS FROM EXPLOITATION AND CHECK SUCH MALPRACTICES IN THE COUNTRY.
24. NATIONAL SECURITIES DEPOSITORY LIMITED ISSUED CIRCULAR: NSDL vide circular no. NSDL/PI/2005/2329 dated November 25, 2005 instructed the PARTICIPANT INTERFACE to take all precautions regarding operation of Demat Accounts based on Power of Attorney: In this regard, we draw the attention of the participants to our circular no. NSDL/PI/2003/0572 dated April 7, 2003 that states that where a client has executed a POA, such Depository Accounts can be operated both by the client(s) as well as by the POA holder.Therefore, participants are advised to provide DIS books to the clients who have executed a POA and allow the clients to operate their accounts as well. May I request you to ask the CDSL authorities, whether the said Rules are not applicable to DPs of CDSL?
25. There is saying, ” all that he (Indiabulls) says is law, a thief thinks every man steal, Avarice is the root of all evils, a man’s breath another man’s death, the pleasures of the mighty are the tears of the poor, one man’s breathe another man’s death”. Again “justice delayed means justice denied”.
26. That due to above acts; the accused Indiabulls is guilty o[censored]nder Section 409, 420, 423, 424, 467, 468 & 471 of IPC.
27. DEPOSITORIES(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALITIES BY ADJUDICATING OFFICERS)RULES, 2005:In exercise of the powers conferred by clause (a) of sub-section (2) of section 24 of the Depositories Act, 1996(22 of 1996), the central Government hereby makes the following rules for holding inquiry for the purpose of imposing penalty under section 19A, 19B, 19C, 19D, 19E, 19F and 19G of the Depositories Act. Whenever the Board is of the opinion that there is ground for adjudging under the above mentioned sections of the Act, it may appoint any of its officers not below the rank of Division Chief to be an adjudicating officer for holding the inquiry.
28. That it is prayed, necessary order/direction may kindly be issued to the authorities of both CDSL and Indiabulls to transfer all my shares along with the Dividend accrued with suitable compensation immediately without further delay which Indiabulls taken away by fraudulence and illegal means as much water flown from the river, unfortunately it reeks of muck as I and my family members suffered a lot and victim of physical, mental and financial worries, smarting under the shadow of frustration. Further it is prayed that the accused be punished after the trial according to law, so that in future the DPs will not dare to cheat & exploit the BOs.
It is true like a fundamental/universal truth that Indiabulls IS A BIGGEST CHEATER/FRAUDIAL/LOOTERY FIRM TO WHICH ALL OVER THE INDIA ALL THE AUTHORITIES ARE PROMOTING AFTER GETTING BRIBE FROM THIS FIRM. IN THINK UNDER PUBLIC INTEREST LITIGATION THIS FIRM MUST BE BROUGHT FOR CLOSING THIS FIRM COMPLETELY, .
K DAYALDAS J
March 19, 2009

Respected Sir,


VERY VERY SERIOUS MATTER- REQUEST FOR YOUR ACTION IN MATTER.

Re: Indiabulls implicated thousands of Maharashtra youths in bogus cheque bounce cases in New Delhi Courts to extract extra money, bringing poor borrower near to suicidal point.
Re: Complaint against Indiabulls Financial Services Ltd. F-60, 2nd floor, Malhotra Building, Connaught Place, New Delhi- 110 001.
Ref: Loan Disbursal No. S[protected]Rs.27, 342/-)


I would like to bring to your kind notice that I had taken a loan amount of Rs. 25, 601/- from M/s. Indiabulls Credit Services Limited (Indiabulls Financial Services Ltd.) by cheque bearing No. 431950 dated 25/5/2007.

The said company had obtained from me 10 blank cheques as a security for the said loan amount.

Sir, I had made the payment of monthly installment of Rs.1800/- continuously for 10 months, but due to sickness of my mother who was admitted in ICU, in hospital I couldn’t make the payment of one month viz. June, however their recovery officer Mr. Mahatre & Ramesh Patil collected me part payment of Rs.1000/- on 30/6/2008 and allowed me to make the payment of next ESC by cash.

It is highly regretted that without any intimation to me, the above said finance company has deposited one of my blank cheque bearing No. 78870 by filling the false amount of Rs. 28, 249/-thereby the said company has misused my cheque and in spite of my efforts to solve the dispute I offered reasonable amount i-e pending principal amount & interest amount. But to extract extra amount from me Indiabulls filed bogus cheque bounce case against me in Patiala House Court, New Delhi. Against the loan amount of Rs. 25, 601 on 25/5/2007 I had already paid Rs.22, 600/- and as it is very tough for me to defend the suit in NEW Delhi traveling from Mumbai, finance company black mail me and forcing me to pay more Rs.33208/- plus uncharged interest. To extract extra amount from me finance company tactically implicated me in cheque bouncing case. Finance company filed thousand of cheque bounce cases of Maharashtra youth in New Delhi Court.

At he time of handing over the loan amount cheque to me they given me loan disbursal letter dated 25/5/2007, that contained only details of Loan amount, and EMI amount of Rs.1800/- they purposely not mentioned the details of rate of interest or number of EMI or tenure of loan period. They have taken the signs from me on printed agreement which contained several unfilled blanks in respect of very material terms; they misused loan agreement by filing false details of number of EMI from 24 months to 30 months (i-e rate of interest 60 % per anum which is usurious). They also promised me at the time of loan agreement that after 6 months, they will reduce the interest amount by giving me TOP up of my loan, even in first six months not a single EMI was bounced by me but even they turned up from their promises.

Further to bring to your kind notice that as per my Bankers accounts statement, the above said company has received all the monthly installments, for which I showed and submitted them the Xerox copy of my banks statements. It is highly regretted that in spite of that the recovery officers of the company are pressuring me for the payments of such two installments which were cleared by me and have been giving me notices. insulting me, and harass me, their recovery agents frequently had been visiting my home even my absence and talk rough with my family members.

I made this complaint to RBI, but regret to state that RBI not taking matter seriously and do not investigate my complaint. Whole system is working with Indiabulls.

Being aggrieved, from the above said attitude of the company I hereby approach you with a request to kindly intervene and get me relief from such unwanted situations, for which I shall remain highly obliged.

Thanking you,

Yours faithfully,


K Dayaldas J

Encl: copy of letter to RBI which is self explanatory.


To,
Department of Non Banking Supervision,
Reserve Bank of India,

Dear Sir,

From last more than six months, I approached Department of Non Banking Supervision, RBI by writing several letters, Emails, Reminders, Telephone calls to Mumbai & New Delhi. In my complaints I had given details of how Indiabulls misguided me on rate of interest, how company denied the receipt of payment even debited from my bank, how Indiabulls misused my blank signed security cheque and misused blank signed Loan agreement by filling false figures of number of installments, filed bogus bounce cheque in Patiala House Court, New Delhi and also informed Apex Bank RBI that Indiabulls not only harassing and torturing me to extract extra money from me and but also doing with thousands of other poor borrowers and in there are number of reports in news paper about the suicides by borrowers for harassment by finance companies.
In first six months I learnt through Right of Information that instead of taking any action against Indiabulls the only action RBI did was RBI had asked response from Indiabulls. In my complaints I requested RBI number of times to proper investigate of my complaints. Indiabulls in reply of my complaints given totally false information and I am shocked RBI not found any thing irregular of finance company and RBI has given clean chit to company.

Indiabulls in reply in their letter dated 2/2/2009 and claimed that they are prestigious organization in the field of finance practice highest standard of transparency in its business, company strictly follows Rules, Regulations and all Regulatory Guidelines, company works under the Guidelines laid down by RBI, I am attaching herewith the some of clipping of some of articles published in leading national Newspaper giving information about Court Order against Indiabulls and news on alleged Cheating, criminal breach of trust, criminal conspiracy of Indiabulls which prove false of their tall claims.

1.Delhi High Court refuses to stay investigation against Indiabulls officials.
Link:-
http://economictimes.indiatimes.com/articleshow/2935511.cms

2.FIR against Indiabulls for illegal transactions.
Link:-
http://www.accessmylibrary.com/coms2/summary_[protected]_ITM

3.Financial Services Firm in the Dock
Link:-
http://timesofindia.indiatimes.com/articleshow/2842494.cms

4. despite SEBI inquiry, Court allows FIR against Indiabulls.
Link:-
http://www.expressindia.com/latest-news/despite-sebi-inquiry-court-allows-fir-ag...

5. Investors allege shares worth of crores vanished from their Indiabulls accounts in blink.
Link:-

http://mid-day.com/news/2009/feb/020209-Indiabulls-Securities-Limited-investors-...

http://mid-day.com/news/2009/feb/020209indiabulls-investors-allege-fraud1.htm
6.Indiabulls asked us to fake it.
Link:-

http://www.mid-day.com/news/2009/feb/030209-News-Delhi-Courier-firm-employee-fin...

7.IPO Scam, What, When, Who and How ?
Link:-
http://ibnlive.in.com/news/ipo-scam-what-when-who-and-how/8980-7-single.html

8.Indiabulls, Forts undergo Income Tax searches.
Link:-
http://www.indiantaxsolutions.com/main.php?t=28011985&d=[protected]

9.Fraud : Indiabulls men booked.
Link:-
http://cities.expressindia.com/fullstory.php?newsid=85402

10. Indiabulls Co. charges 4.5 Crores Service Tax on Fake registration number.
Limk:-
http://www.allindiantaxes.com/ait-news-145.php

11. Indiabulls Retail not paying some vendors.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
12.Indiabulls to pay up Rs.35, 000/- as compensation.
Link:-
http://www.livemint.com/2008/12/12234548/Indiabulls-Retail-not-paying-s.html
13.Pay us our dues now.
Link:-
http://www.managementparadise.com/forums/general-talks/4955-pay-us-our-dues-now....
14.Vanished Funds.
Link:-
http://www.indianexpress.com/oldstory.php?storyid=82800


Indiabulls Financial Service Limited, misguided me by giving letter dated 25/5/2007 (Xerox copy already submitted with RBI) at the time of loan disbursal which reflects only loan amount and EMI amount, they intentialy not disclosed the tenure of loan period or number of Installments. And at the time of loan agreement they confirmed me number of EMI would be 24 but they misused my blank signed agreement and filed the false figures 30 which calculate to rate of interest 39 % ( 60 % reducing, which is usurious without doubt)They intentialy kept blank annualized rate of interest % p.a.

Even repeated demand of loan agreement they still not supplied me copy of loan agreement and they falsely claim that they had given me loan agreement copy.

Indiabulls claim false that I had made 11 installments but fact is that I paid 12 installments fully and I also paid Rs.1000/- cash to their recovery staff Mr. Patil & Mahatre and they had acknowledged this in writing. One of EMI was debited from my bank on 1/9/2007 but Indiabulls denied the receipt. Even though submitted Xerox of bank statements number of times confirmed this to their staff by taking them to my bank about the debit of ECS on 1/9/2007 but still they issued me notices, insulted me, and harassed me. (Annexure IV- page 3-3 reflects that I informed Indiabulls about debit of ECS on 1/9/2007) .Indiabulls misused my blank cheque by filing false figures of Rs.28, 249/- and deposited cheque without informing me, I tried level best to settle the dispute by offering pending principal amount and reasonable interest amount but to extract more money from me Indiabulls filed bogus cheque bounce case in New Delhi to harass and torture me. (Copy of emails as Annexure 1 and annexure II attached herewith.)
Honorable Courts number of times ordered financial companies not to file loan recovery amount tactically by criminal penal code instead of Civil (Annexure III), but Indiabulls tactically implicated me in false cheque bounce case and filed suit in Patiala House Court, New Delhi. Indiabulls filled thousand and thousand of cheque bounce suits in this manner in New Delhi Courts.

Indiabulls action caused me mental agony, harassment, deficiency in services.

Instead of technically diluting my complaint, I once again request RBI to look the matter seriously, investigate the issue raised by me in my complaints.

In Maharashtra and in India the numbers of cases of suicides are increased due to harassment and torture by some of financial lenders. I hope if RBI takes strict action on complaints the number of suicides cases come under control.

Thanking you,

Yours faithfully,

K dayaldas J

http://timesofindia.indiatimes.com/rssarticleshow/msid-3706199, prtpage-1.cms

Bounced cheques choke Delhi courts
Indiabulls is really a bull of our India, which is very much dangerous, risky hence, be aware of this bull, otherwise, after getting it's hitting, you will not be of any use/nowhere or your hurt/injury etc. may not be curable in any hospital viz. Courts, Govt. Authorities etc., as every thing is in it's pocket, as it had got purchase capacity, out of those lootted money of public, hence, KANOON, FAVOURABLE JUDGEMENTs/AWARDs etc. is bought by Indiabulls by paying it's cost properly.

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