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Criminal »Posted 2 Oct 2010             Click here for Free Legal Advice           Disclaimer

Legal questions & answers

EOW / Police is not noting FIR in the fraud of 70 lacs


EOW / Police is not noting FIR in the fraud of 70 lacs   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 police have only noted complaint and are not lodging the FIR and have closed the file.

They have not investigated the matter properly and have not even traced out the email id saying that they can not do the investigation in context to the cyber crime and are also not even forwarding the case to Economic offence wing cyber crime division.
For legal proceeding I was advised to go to the Arbitration of NSE because of arbitration clause in the agreement. Even the police adviced that. Now, 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 + criminal court to get justice. I am confused.
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?
Now we are 10 persons cheated by the same broker and many more will join and the matter is more than crores. We are filing joint complaint to economic offence wing but still not sure that they will write an FIR or not . what should be my cource of action.

Also pls. suggest some competent Lawyer with relevant experience with Contact Nos.
Thanks,
SACHIN BHARDWAJ
Mobile 98109 33322
sachin0702@yahoo.com


   Your main purpose should be to recover the money. If the agreement contains the arbitration clause, than for recovery of money you need to go to arbitrator. Now alongwith recovery of money, you feel that accused should also be punished, than you should resort to criminal complaint. Offences related to EOW, local police will not interference. All you need to do is to make a complaint giving all the particulars of cheating and fraud, to Commissioner of Police, GB, CB, CID EOW. After receiving complaint, they start investigation at their level and if found the commission of offence more than 25 grand, then only they send file to local police for registration of offence. You also make complaint to cyber cell. Therefore, better resort to both the actions, than only youl be able to recover money. Adv. khan Mumbai
Lawyer Id: E00001577    Talk to this Lawyer                          Click here for free legal advice


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