Murder Due To Loss In Stock Market

Stock market losses led bank manager to murder
BANGALORE: Somewhere in October 2012, two businessmen coping with huge losses met a person who was desperate to sell his antique necklace gifted to his mother by her great grandmother. Uday Singh, who wanted to sell the piece of antique jewellery, firmly believed the 521-gm uncut diamond necklace would fetch him at least Rs 10 to Rs 12 crore.

Little did Uday Singh know that the meeting would cost him his life 18 months later. The two businessmen and Uday met 23 times before March 18, 2014 when Uday was stabbed to death in his Lakkasandra residence for the same necklace.

The prime accused Madhusoodan Nagendra, ex-bank manager, and Abhishek Jagadish confessed to the crime late Friday night that they were deep in debt and planned to rob the necklace to settle their dues.

Sitting in a corner of Adugodi police station on Saturday, Madhu recalled how a broker friend introduced him to Uday. "My friend Ravindra, a broker, introduced me to Uday in October 2012 and Uday showed me a photograph of the necklace. He requested my help to sell it. I don't know why he wanted to sell it," he said.

A former assistant manager with HDFC Bank-Mallesharam branch, Madhu got into share market deals with his friend Abhishek in Mysore but both sustained heavy losses as they claimed someone called Ram Prasad cheated him.

Police investigation revealed that Ram Prasad has been booked for cheating in several police stations across the state. "I showed a picture of the necklace to Abhishek and he said buyers in Mumbai would pay a hefty price," Madhu said.

According to Abhishek, Uday Singh started forcing them to sell the necklace at the earliest. "One day, a gold merchant from Andaman & Nicobar Islands visited Uday and asked for the necklace. On seeing it, he estimated the price between Rs 40 and Rs 50 lakh," Abhishek told police.

Knowing well that the necklace could not be sold for Rs 12 crore, Madhu and Abhishek decided to rob it. "We planned to sell it in Mumbai and settle our debts. As we had no idea how to attack a person and rob him, we contacted five other men as we knew they'd indulged in anti-social activities," they confessed.
http://timesofindia.indiatimes.com/city/bangalore/Stock-market-losses-led-bank-manager-to-murder/articleshow/32929449.cms