Brokerage
firms were equally responsible for NSEL crisis just like defaulters. Many
investors were misrepresented by their brokers. In the same manner, Gujarat-
based NSEL investor Moti Dadlani invested his money through reputed broker
MotilalOswal Financial Services Ltd. Mr. Dadlani lodged a complaint against his
broker and has alleged that his broker has defrauded money under his name. The
broker deceptively used Mr. Dadlani’s account and PAN details to invest huge
amounts on NSEL.
Affected
by the crisis at the National Spot Exchange Ltd (NSEL), Moti Dadlani has moved
the Maharashtra Protection of Interest of Depositors (MPID) court. MrDadlani
requested EOW of the Mumbai Police that, Motilal Oswal Financial Services Ltd
forged his documents, PAN card number and used his personal account details to
invest huge amounts of money on NSEL platform.
Moti
Dadlani mentioned to Mumbai Mirror that “I had invested Rs 2.22 crore with
NSEL, but the documents show that I have taken a loan from a finance company to
invest Rs 9.66 crore in the NSEL; Forward Market Commission as well as the High
Court of Bombay with the help of investigative agencies is making efforts to
get back the money traded on the NSEL platform. Brokers have also tried
swindling money of various trading clients without their consent. Such
fraudulent acts carried out by the brokers should be stopped and strict action
must be taken by the investigative agencies with the help of the law.
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