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EXCLUSIVE: Police complaint filed against Motilal Oswal Securities Ltd. for Rs 35 lakhs fraud

Motilal Oswal

Mumbai based media executive Naresh Bounthiyal lodged a complaint at Borivali police station, Mumbai, against India’s leading online share trade company Motilal Oswal Securities Limited (MOS) for duping him of Rs 35 lakhs. Bounthiyal took the legal action against MOS hoping to recover his entire 35 lakhs. Bounthiyal has accused MOS of trading his shares worth Rs 35 lakhs without any pre-trade authorisation and consent from him. The police have taken Bounthiyal’s statement in the case and they are in the process of taking statements from MOS. According to our sources in Borivali police station, the FIR can be registered anytime soon. 

Bounthiyal told Nation Next, Some representatives of MOS approached and convinced me to open an account with them. Subsequently I transferred few of my securities through ICICI Direct to the demat account, which MOS opened for me. But MOS indulged in unfair trade practices by trading my shares worth Rs 35 lakhs, without my consent or approval. I was in touch with Sheetal Jagawat and Avinash from Dhruv Securities, which is the sub-broker of MOS from Borivali west branch of Mumbai.

He added, Avinash used to provide me a financial statement, which consisted of my detailed transactions, on the basis of which I had even been filing my income tax returns. From 2011 to 2016, I’d given a total amount of Rs 20,58,292 lakhs through cheque and Rs 6 lakh worth securities to MOS. However, Sheetal, on October 13, 2016, revealed that Avinash had exhausted my entire securities due to unauthorised share trading. The MOS financial statement, on the basis of which I’d paid my tax returns, were also fraud. Sheetal even told me that five of their clients met the same fate as mine.

Also read: Is govt. a mute spectator to media trial of Tanushree Dutta sexual harassment case?

However, Bounthiyal said that Avinash finally confessed about his fraudulent activities, which the former claimed to have video-recorded. Bounthiyal said that subsequently when he met Motilal Oswal, Chairman and Managing Director of Motilal Oswal Securities Limited, Oswal assured him of taking a strict legal action against sub-broker Avinash. Bounthiyal, expressing his disappointment over Oswals failure of keeping his commitment, said, I was later told by Oswal that since Dhruv Securities had earned Rs 6 lakh by fraudulent activities through brokerage, I would be offered only Rs 6 lakhs as a compensation, an amount, which they later rose to a mere Rs 8 lakhs against the loss of my hard earned Rs 35 lakh.

Bounthiyal stated that the case is currently under arbitration at the National Stock Exchange (NSE). He said on 6 March 2018, an IGRP (Investor Grievance Resolution Panel) order was also passed in his favour. He said, “The NSE arbitrator has upheld the decision of IGRP, where it had directed MOS to give me a relief of Rs 10 lakhs. But, I intend to go for a further appeal in NSE to get all my money back.” 

When Nation Next spoke to Motilal Oswal about the alleged fraud, he said, I’d met Naresh Bounthiyal to discuss the issue. Hes a big liar. Hes done all the tricks. Hes threatening and blackmailing me through political parties. Hes trying to put all kinds of political pressure on me. We’re a reputed and leading firm. Hes doing every possible trick to have his way. I request you to ignore these kinds of blackmailers. Let the matter get solved through SEBI and other agencies. I have all the proofs of everything.

When we asked Oswal to show us the said proofs, he sent a mail to Nation Next, which carried only a statement by MOS. (See images).

Mumbai based media executive Naresh Bounthiyal lodged a complaint against Motilal Oswal Securities Limited (MOS) for duping him of Rs 35 lakhs.
Statement 1
Mumbai based media executive Naresh Bounthiyal lodged a complaint against Motilal Oswal Securities Limited (MOS) for duping him of Rs 35 lakhs.
Statement 2

Bountiyal, when asked to respond to the statement sent by Oswal to Nation Next, said, “Where are the so-called proofs against me? It’s just a statement by them.” 

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Nagpur News

RMBRCN celebrates Charter Presentation & Installation, Rina Sinha becomes Charter President



The Rotary Means Business chapter of Rotary Club Of Nagpur (RMBRCN) celebrated their Charter Presentation and Installation of Board on September 17, 2023 in a crisp official ceremony at Hotel Centre Point, Nagpur.

Rotary Means Business encourages Rotarians to support the success of their fellow Rotarians by doing business with them and by referring others to them.

Charter President Past President Rtn Rina Sinha presided over the ceremony. Renowned entrepreneur and Rotarian Aspi Bapuna, Chairman of Bapuna Group, was the Chief Guest and  Rtn Namita Sharma, President of RCN, was the Guest of Honour.

The Board of Directors of RMBRCN include Rtn Navneet Jain, Vice President, Rtn Mohammed Master, Honorary Secretary, Rtn Sanjay Aggarwal Treasurer, Rtn Rakhi Bhatia Director Chapter Service, Rtn Rahul Shrivastava, Director Vocational Service, Dr Ruchi Choudhry, Director Membership Development, Ranjana Duseja, Director Attendance.

Past Rotary District Governor (PDG) Shabbir Shakir, Past Presidents- Bharat Goenka , Khushnoor Chugh, Sanjiv Chugh, Akhtar Parvez, Tejinder Singh Rawal, Alok Goenka,  Jerestine Watchmaker, Sandeep Dhodapkar, Sanjay Arora, President RMB Nagpur, and Behram Patel and Amitabh Sinha were present.

President Rina Sinha informed that within a short period of its formation already 48 members representing various businesses  have joined the chapter and the numbers are increasing . The Chapter has already crossed 5 crores of business amongst their members and RMB will further strengthen Rotary in membership growth and retention .

Chief Guest Rtn Aspi Bapuna lauded the chapter’s success and reiterated that its comfortable and safe to do business among fellow rotarians as all follow the Four Way Test of Rotary. Jerestine introduced President Rina. Aspi Bapuna  presented the charter and installed President Rina Sinha . Rtn Namita congratulated the RMB chapter and informed that this is the new initiative at RCN.The Board was installed by Rina Sinha and all members were installed by the Past Presidents. An exclusive digital Monthly Magazine ‘Growth Engine’ was launched by Editor Niharika Chugh Vali.

 Navneet Jain and Rahul Choudhry conducted the referral and thank you session where enthusiastic members informed about their successful business details. Nishchay Sinha launched the social media and MYRMB app which connects members to other chapters digitally, Treasurer Sanjay Agarwal gave treasurers report, Rtn Rakhi Bhatia managed the event. Rtn Parag Datey and Niharika were the Masters of Ceremony (MOCs). Secretary Mohammed Master proposed the formal Vote of Thanks .

Also read: Jayaswal Neco group celebrate BL Shaw’s 90th Birthday, 50th Founder’s Day in a huge gala event in Nagpur

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Nagpur News

Nitin Gadkari inaugurates double-decker electric bus availed for senior citizens in Nagpur



Minister of Road Transport and Highways Nitin Gadkari, on Saturday, inaugurated the double-decker electric bus designed for senior citizens in Nagpur. The initiative has been undertaken in association with Ashok Leyland’s CSR (Corporate Social Responsibility) Committee and Jyeshtha Nagarik Pratishthan.

Executive President of Jyeshtha Nagarik Pratishthan Datta Meghe, Vice Chairman of Ashok Leyland Limited Yash Sachar, CEO of Switch Mobility Mahesh Babu, and other dignitaries were present during the inauguration.

“I am very thankful to Ashok Leyland’s electric vehicle arm ‘Switch Mobility’ for donating an electric bus for our senior citizens. The bus can hold a capacity of 65 people and will benefit a lot to disabled and senior citizens,” Gadkari said.

“We already have a green Electra bus available to us for the past five to six years. Krishna Reddy has taken the responsibility of repairing and providing air-conditioning to the bus, moreover, he is providing us with one additional bus. A Tata Motor bus will be arriving this month as well, giving us a total of four buses to operate. This will solve the issue of waiting list due to the lack of buses for senior citizens in the city.” he added.

With the help of these buses, senior citizens can avail the benefit of free trips to religious places like Ambhora, Adasa, Shegaon, Mahur, Dhapewada, and Kalamb.

Also read: NMC confiscates 117 PoP idols, collects Rs 10,000 fine from seller


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Nagpur News

Nagpur: Married man accused of girlfriend’s rape commits suicide on Facebook live



A 38-year-old married man named Manish alias Raj Yadav, on Sunday, committed suicide during a Facebook live-stream after allegedly being accused of rape by his girlfriend and her family in Nagpur.

During the live stream, Manish, who was married and a father to three children, stated that his 19-year-old girlfriend, Kajal, along with her family members demanded a sum of five lakh rupees and threatened to press charges of rape if he failed to do so.

On September 6, the situation became grave as the woman’s family accused him of eloping after Kajal went missing from her residence.

The deceased refused the claims of having any sexual relationship with the woman and identified her, her family, and a photo studio operator responsible for his condition. He, then, jumped into the river.

After the live video surfaced online, Kalamna Police launched a search operation and recovered the deceased’s body from the river. Four people have been detained in the case for questioning. Further investigation is underway.

Also read: NMC confiscates 117 PoP idols, collects Rs 10,000 fine from seller

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