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| Citi Bank |
Details of the conversations sandwiched between the highest accused in the fraud and the brokerage firms will help work loose the trail of the ill-gotten funds and besides link up free split ends with respect to the police force investigation, sources thought.
While a carry some weight of routine, brokerage firms pick up conversations sandwiched between their force and clients. The call up records are stored by the firms to avoid some court case with regard to tips.
The police force has already sought details from the National Stock Exchange (NSE) on transactions executed by Religare and Bonanza by the side of the request of Puri.
The call up conversations, sources thought, would besides help the police force ascertain whether the transactions were passed barred in accordance with the guidelines of the Reserve Bank and marketplace controller Securities and Exchange Board of India (Sebi).
Meanwhile, the confined police force has besides sought the services of a chartered accountancy safe to inspect the transaction details and unearth barred whether marketplace norms were followed by the accused personnel.
Although the police force has already obtained guidelines from the RBI and other regulators, sources thought expert assistance was desired to unearth barred the nature of transactions and the area of the violations.
When contacted, Religare thought the safe "is fully cooperating with all the system and agencies... Information of the carry some weight was reported several months back... (to authorities) in compliance of the Prevention of Money Laundering Act (PMLA) requirements".
Puri, who used to lure high-net worth folks into schemes based on the imply of abnormally prohibitive returns, had opened his tally with Religare Securities (RSL) in December, 2009. However, trading ceased in his tally similar to the balance fell to 30 paise on October 15, 2010.
The police force, however, maintain not been able to recover the iPad used by Puri to transact organization with his clients.
The police force had the past sought to broaden Puri's stay in detention plow it may well recover the transfer device, as it might contain in turn of the essence to establishing the money trail.
Puri had invested the bulk of the funds in Nifty options -- which are derivative products with the NSE yardstick manifestation Nifty as the underlying asset -- someplace the investor has rebuff obligation to take escape and needs to wage solitary margin money.
Clothed in the derivatives segment, investors expect on the upward or downward movement of the Nifty and the returns depend on the accuracy of such bets.