CID to investigate stockbroker's suicide

The Criminal Investigation Department (CID) will investigate the alleged suicide of Pune stockbroker Ripon Malhotra and the reasons that drove him to take the extreme step, Chief Minister Siddaramaiah said here on Tuesday.

The order came after the chief minister’s office received a death note, purportedly written by the deceased, accusing former Commissioner of City police, B G Jyothiprakash Mirji, and DCP (Crime), D Devaraj, of “harassing” him and “trying to extort” money from him.

“We need to send a strong message to such police officers (if found guilty). The government will protect everyone and we will not tolerate such things,” Siddaramaiah said at the KPCC general body meeting. “I have received Malhotra’s suicide note in which he has claimed that the police officers harassed him and demanded Rs seven crore from him. He claimed he did not have money and hence committed suicide.”
‘No gospel truth’

Bipin Gopalakrishna, DGP (CID), however, said that he had not received a formal order in that regard yet. He said he would be able to comment on the case only after it was formally transferred to the CID. But he hastened to add that an alleged death note should not be treated as gospel truth. The case should be probed further, he said.

Malhotra, 54, was running the stock trading company, Ripon India Pvt Ltd, from Domlur, for the last five years. He reportedly cheated his customers to the tune of Rs 80 crore. The economic and crime offences’ wing of Pune police had booked him in 2007 for running a Ponzi scheme (a fraudulent investment operation that pays returns to its investors from their own money or that of the subsequent investors, rather than from profit earned by them).

Cases were registered against him at the Whitefield and Electronics City police stations as well. Malhotra was found hanging at his Ejipura house on June 29.

In the note, Malhotra stated that “extortion tactics” by Mirji and Devaraj drove him to suicide. It bears his signature along with the time (11.50 am). The letter describes Mirji and Devaraj as “recovery agents” and claims that they demanded Rs seven crore to hush the matter up. “The (former) Commissioner behaved like a sub-inspector or a constable to recover just Rs six lakh and lacked manners while talking to women,” the letter added.

Devaraj “warned” him of immediate arrest if he failed to repay the money, Malhotra reportedly wrote in the note. Besides, Devaraj “threatened” to book cases against him and detained him illegally for more than two days. The DCP said he had to either pay up or die, the letter said. Malhotra also said he feared being killed in an encounter.

However, a senior police officer investigating the case said that Malhotra’s allegations needed to be probed. “We would get the letter analysed by handwriting experts to ascertain if Malhotra indeed wrote it,” the officer, who did not wish to be named, said.
‘Letter drafted carefully’

Some officers also claim that a few people directed Malhotra to draft the letter carefully. It is unclear whether Malhotra himself sent the letter to the chief minister’s office or somebody else dispatched it on his behalf. “We will also probe why Malhotra didn’t approach the DG&IGP against the alleged torture,” the officer added.

According to the officer, the local police kept the death note a “top secret,” but a few policemen who were in the loop ensured it was leaked from the CM’s office in order to further their “petty professional agenda.” “The chief minister should also order a probe into such issues and put an end to unhealthy practices by officers to get postings of their choice,” the officer said. Another senior officer in the know claimed that nobody sympathised with the 10 people who invested money in Malhotra’s firm and lost it. 

‘Don’t know Malhotra, never met him’

Mirji claimed that he neither knew Malhotra nor ever met him. “There will be records of visitors to the Commissioner’s office as well as of those he met separately. Let such a record surface. Let the inquiry be conducted and the truth will be out,” he said. 

According to him, the least proof one should ask for was call data records if any conversation took place. “I don’t know who demanded money. I did my duty as the Commissioner with utmost honesty, transparency and objectivity. I have asked for a month’s leave as I couldn’t find time earlier,” Mirji added.

Devaraj claimed that “due procedure” was followed when Malhotra was interrogated. “He was issued a notice in the Whitefield case and he gave a statement before the police inspector on June 26. Some people who were cheated by Malhotra pleaded with the Commissioner to take action against him. Hence, the Commissioner ordered the CCB to probe the matter. We just directed Malhotra to repay money of investors or face consequences,” he told Deccan Herald.