JOIN USMBA held for Rs 5 cr con
A broker has been arrested for cheating late former chairman of Coal India, who is also a Padma Bhushan awardee, to the tune of Rs 5 crore, police said.
Sandeep Sehgal, 48 of Greater Kailash II in south-east Delhi was arrested at his house, said a police officer.
After his retirement, G L Tandon was lured by Sehgal, who was working as sub-broker with Apollo Sindoori Capital Investment, to invest his retirement benefits in stocks, police said.
Sehgal promised him a 300 per cent return and better management of his funds.
In 2005, Tandon gave Sehgal his savings for investment. In 2008, when he asked for returns, Sehgal in bid to evade the issue, said there were some problems with the National Securities and Depositary Limited server.
He then handed him certain letters purported to be originated from the investment firm, which were later found to be forged.
Sehgal, who was managing Tandon’s demat account, then siphoned Rs 5 crore from the account.
When Tandon died last year at the age of 80, his friend Rakesh Ranjan approached Delhi Police’s economic offence wing in November and registered a complaint against Sehgal.
Police found that Sehgal had cheated Tandon, and after collecting evidences and various documents, arrested him on Friday.
Sehgal did his engineering from India School of Mines in Dhanbad of Jharkhand.
He is also an MBA and pursuing a law course from Chaudhary Charan Singh University in Meerut, Uttar Pradesh.
Tandon had served in energy sector like coal, lignite, thermal and hydro for more than 50 years.
He had also served Bengal Coal Company, Andrew Yule and Company, National Mineral Development Corporation, Neyveli Lignite Corporation and Coal India Limited.
He was awarded Padma Bhushan in 1986.