Stock broker takes woman for a ride

The managing director of a software training institute has been duped of Rs 15 lakh allegedly by a stock broker.

The victim, Ambikamani, a resident of Chamarajpet, is the managing director of Ontime Software Training Institute. According to a complaint lodged by her, S Muralikrishna, a family acquaintance for over 20 years, has taken her for a ride by promising huge returns on the money invested.

Murali claimed himself as the manager of Anandrathi Share & Stock Brokers Company, Jayanagar branch. He told Ambika that she would get 30 per cent interest if she invested in his company. Ambika promptly paid Rs five lakh through a cheque drawn in favour of the company, according to the complaint.

Renewed

After about three months, Murali deposited Rs 70,000 to Ambika’s account through the company’s cheque. When asked about Rs five lakh, he said the deposit had been renewed. Murali further successfully lured Ambika to give him another Rs 10 lakh.
After three months, he deposited Rs two lakh in her account, but stopped payments after May 2010. He started giving evasive answers when asked for repayment of Rs 15 lakh.

A few months later he told Ambika that the money had been invested in stock market without her knowledge.

Suspicious move

A suspicious Ambika approached the company. Branch manager Nagaraj told her that Muralikrishna was only a broker, and not an employee. He admitted that Murali deposited Rs 15 lakh in the company’s account. Murali admitted to his malfeasance and promised to repay the sum within a week.

However, after a week he called Ambika to say that the money won’t be returned. He threatened that she would be murdered if demand for repayments were made, the complaint said.