Several months after his victim's death, a 48-year-old engineer was arrested for allegedly cheating former Coal India chairman GL Tandon, a Padma Bhushan awardee, of Rs. 5 crore, the economic offences wing (EOW) said on Saturday.
Sandeep Sehgal, a resident of Greater Kailash, was apprehended on Friday following investigations into a complaint filed on behalf of Tandon last November.
Tandon had invested all his post-retirement savings in the stock market through his bank account which Sehgal was managing since 2005.
"Sehgal, who was working as a sub broker for a company called Apollo Sindhuri Capital Investment Ltd, became friendly with Tandon and lured him to hand over his entire share portfolio promising him 300 percent returns," said Harendra Kumar Singh, additional DCP (EOW).
Tandon stated in his complaint that he did not get any dividend or bonus after 2008.
Sehgal made the Padma awardee to believe that that there was some problem with the computer server of the National Securities and Depositary Ltd.
"To affirm his statement, Sehgal also handed over certain letters purported to be originating from the company which were later found to be forged. He had, in fact, transferred the shares out of Tandon's account without his knowledge and consent and in the process siphoned-off R5 crore," Singh said.
Singh said detailed investigations were conducted in Delhi and Chennai before Sehgal, a BTech who is also a qualified MBA and an alumnus of the Indian School of Mines, was arrested.
Tandon had served in mineral-based industries, including the energy sector -- mainly coal, lignite, thermal and hydro-based resources -- for more than 50 years and was responsible for the turnaround of several ailing units and record performances in several public sector companies.
He had been awarded the Padma Bhushan in 1986.