Violent investors ransack brokerage firm office

March 6th, 2008 - 2:55 pm ICT by admin  


Ahmedabad, March 6 (IANS) Three stock market investors who broke into a brokerage firm here to demand their money back after failing to get allocation of high-profile Reliance Power shares, were arrested on charges of vandalism, said a police official. “Investors in Reliance Power Initial Public Offer (IPO), had barged into Karvy Consultancy, a share brokerage firm situated at Ashram Road here, and ransacked the office. They broke furniture and glass panes of a door,” said sub inspector B.K. Barot of Navrangpura police station Thursday.

On a complaint lodged by company employee Jatin Modi, the police nabbed three men Wednesday evening. They were bailed out later.

The brokerage firm said over 50 men had forcibly entered the office and demanded their money back. When the staff pointed out some discrepancies in client IDs, the crowd turned restive. They also threatened the staff.

The investors complained that many of them are yet to be allotted shares though they have fulfilled all formalities. They said that their money should be returned without further delay.

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