I am a sub-broker. i have a client who said that one of her friend want to open an d-mat+trading account but on behalf of her she will do the trading. the account holder did sign the LOA. all the payments (pay in & pay out) request was done by the person on whose name LOA was issue. that account holder got the loss in trading but she never knew, after the trading of more then one year the
LOA lady said, need some help as the account holder need some funds in their account to buy a property (as entry), i knew some one who charge a little amount & give the entry for some time. as been obliged by the LOA lady, that person transfer the fund in the account holder account. now there is the turning point, LOA lady tells the account holder that you got profit in your account so now the time is invest more, account holder after seeing the funds transfer she given the cheq to that LOA lady (cheq was issue on her name not the company where she have her d-mat+ trading account, neither to that person who have given then entry) Now that LOA lady is missing after taking that amount & account holder come to know that the fraud happen.
they are trying to lodge a complaint against me under 120b & some other section. Not a single cheq is issue on my name, neither they issue any chq to the person who hav given the entry. all the cheq was issue on that lady name who hav LOA of account.
what so ever trading was done in account holder account all the contract notes & sms was delivered in their register e-mail & contact no. Account holder never check that, she is saying that all the amount pay-in she consider as profit (as said by LOA lady) n she is giving more money (a/cpay cheq to LOA lady).
plz help me