Demat account handling fraud
1 month ago
I have already filed an FIR against the Nirmal Bang franchise owner. I possess call recordings where the individual acknowledges the need to recover my losses and commits to a fixed EMI of 30k per month. Additionally, we have a series of WhatsApp messages where I regularly informed her about monitoring my account, position sizing, and losses, to which she consistently replied with 'OK.' We also have sent email screenshots which I received to him, asked to please check this. Given this evidence, would it be sufficient to proceed with legal action, or are there additional steps I should take to strengthen my case?" (Pune, Maharashtra)
In addition to the steps you’ve already taken and the evidence you’ve gathered, here are some additional actions you can consider to further strengthen your case:
1)File a Detailed Complaint with SEBI: Since Nirmal Bang operates in the financial market, you can lodge a complaint with the Securities and Exchange Board of India (SEBI). They regulate such entities, and SEBI has a robust grievance redressal mechanism. A complaint filed with SEBI will put more pressure on the franchise owner and Nirmal Bang.
2)Seek Mediation or Arbitration: Depending on the terms and conditions of your agreement with Nirmal Bang, there may be a clause for arbitration or mediation. This can sometimes resolve disputes more quickly than going through the court system and might help recover your losses without prolonged litigation.
3)Compile a Clear Financial Statement: Prepare a detailed financial summary showing the amount you invested, the losses you suffered, and the actions you took to recover. Make sure all transactions and promises of repayment are documented clearly. This will make it easier for the court or SEBI to assess your case.
4)Consult a Lawyer: A lawyer with expertise in financial fraud cases can offer tailored advice and may know specific legal tactics for cases involving brokerages and financial misconduct. They can also help with drafting a more comprehensive legal strategy.
5)Check the Franchise Owner's Financial Standing: It may be helpful to investigate the franchise owner's financial situation to ensure that they are capable of making the ₹30,000 EMI payments, as committed. If they are not financially sound, it might affect the type of remedy or compensation you seek.
6)Follow-Up with Police Investigation: Ensure that the police investigation is progressing by following up regularly with the investigating officer and providing any requested additional information.
7)Ensure Continued Documentation: Continue to document all interactions and any new developments related to your case. This includes any attempts at recovering your losses, further communications with the franchise owner, or responses from Nirmal Bang or SEBI.
By combining your existing evidence with these additional steps, you can build a stronger, more comprehensive case that covers both legal and financial grounds.
It sounds like you have substantial evidence to proceed with legal action
Now first, engage an Advocate to help structure your case and advise on whether any additional legal steps or regulatory complaints need to be filed.
Ensure all evidence (call recordings, WhatsApp messages, emails) is backed by legal notarization or any applicable authentication. A lawyer can help with the format to present this evidence in court.
Since this is a stock trading or financial services-related issue, file a formal complaint with the Securities and Exchange Board of India (SEBI). SEBI handles complaints against brokerage firms, and an ongoing investigation from their side could reinforce your case.
Review the contract you had with the franchise (if any) for clauses related to risk management, losses, and dispute resolution. If the franchise violated these terms, it can be a strong point in your legal argument.
If available, gather other forms of communication (texts, emails, any written agreements) that can further strengthen the timeline and the franchise owner's awareness of the losses.
In addition to the FIR, you may want to pursue a civil suit to recover financial damages for the losses incurred.
Taking these steps should help solidify your case, and with the evidence already in your possession, you are in a good position to pursue both criminal and civil action against the franchise owner.
Regards
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