Jul 3, 2013
BANGALORE: The bank accounts of stockbroker Ripon Malhotra, 54, who committed suicide last Saturday had been cleaned out after police allegedly forced him to issue blank cheques in favour of select investors, police sources said.
"The Central Crime Branch of the city sent a team to Mumbai to bring back Malhotra. The flight expenses had been met by some persons who had filed a police complaint against the stockbroker. After Malhotra's arrival in the city, he was made to sign blank cheques which were handed over to select investors," said the source.
An investor from Davanagere told TOI he had invested in Malhotra's company after he met him there in 2011. "At first everything was rosy. After the recent turbulence in the share market, investors took a hit. Some approached city police who were of little help. But they found that some other investors from Bangalore had managed to recover their investments with the intervention of city police," he said.
A senior police officer said it was a case to invoke Section 306 (abetment to commit suicide) of the Indian Penal Code. "When ordinary citizens are hauled up under the section on allegations they abetted someone's suicide, why are police officers being spared?" he wondered.
City police commissioner Raghavendra H Auradkar, who took charge on Sunday, said the case is a sensitive one. "I cannot comment at this stage until I see records," he added.
CM orders CID probe
Chief minister Siddaramaiah on Tuesday ordered a CID probe into Ripon Malhotra allegation that he was harassed by DCP (CCB) D Devaraj and the then commissioner of police who had demanded he give them Rs 7 crore or face cases.
Meanwhile, B G Jyothi Prakash Mirji, ADGP and principal secretary, home department, who was the commissioner of Bangalore police till Saturday, has gone on one month's leave, home department sources said. On Monday, Mirji had denied knowing anything about Malhotra.
Malhotra, a Pune-based businessman, claimed to be an IIM-B alumnus and CEO of Rippsons Groups of companies that was into broking, entertainment and media, among other things. Malhotra had incurred huge losses during the recent downward stock spiral and owed investors crores of rupeess. He was found hanging from the ceiling fan of his house in Ashwini Layout, Ejipura on Saturday afternoon.
After his suicide, a four-page note purportedly by Malhotra to the chief minister, surfaced. The note referred to harassment and extortion efforts by top police officers.