Ponzi king Imtiaz Saiyed claims that he lost Rs30 crore in ill-judged stock investments.Police has recently raided his seven office premises and seized his two demat accounts.
It was the ups and downs of the share market which damaged the business of Ponzi king Imtiaz Saiyed. This was the reason for his fall, Saiyed has told the investigating agency.
He has stated that he suffered a loss of Rs 30 crores in the share market. Sources from the crime branch told DNA that Saiyed had told the police that he had opened two demat accounts and had invested huge amounts in the stock market but had lost as much as 30 crores. Following this disclosure, Saiyed's demat accounts were seized.
Sources from the crime branch further said that the crime branch has recently raided Saiyed's 7 office premises. Apart from other valuable documents, the police found the details of the two demat accounts.
One was in the HDFC Bank and the other was with Share Khan. However, the police are still unaware about the amount he had invested using these accounts and has called for further records and demat account statements.
The police have already written to the company seeking the details of the accounts and believe that after getting money from the investors he had invested large amounts in the share market hoping for huge returns. But he suffered losses of Rs 30 crores instead and got stuck.
Apart from the share market he had also invested some of his money in real estate.
The police are now looking for details of his investments. The police also seized several computers and pen drives from the offices during the raid. The process of retrieving the data and information from the systems are in progress, said sources from the crime branch.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}