Madhya Pradesh: Gwalior Crime Branch Foils ₹3.40 Crore Share Scam, Two Arrested

Gwalior (Madhya Pradesh): The Gwalior Crime Branch has arrested two accused from Bangalore in connection with a share scam worth Rs. 3.40 crore.

Gwalior resident Narendra Singh Falke, without permission, fraudulently transferred 79,500 shares of ITSC, currently valued at Rs. 3.40 crore. Under the leadership of Crime Branch Deputy Inspector Shishir Tiwari, a team was dispatched to Bangalore, Karnataka.

On April 10, the police team arrested MD SP Srishta and his wife Padmajyothi Srishta of Sansanese Capital India Private Limited in Bangalore, Karnataka, and brought them to Gwalior for intensive interrogation regarding the case.

The applicant Narendra Singh Falke lodged a complaint in this matter, stating that he owned 79,500 shares of the IT company. These shares were fraudulently transferred from the demat account of Sushil Finance Company to the demat account of Sansanese Capital India Private Limited in Bangalore. These shares, valued at Rs. 1 crore 65 lakh 36 thousand, were still in the account of Sansanese Capital India Private Limited as of April 16, 2021.

Subsequently, these shares ceased to be visible in my demat account with Sansanese Capital India Private Limited. Despite multiple attempts to seek clarification via email, Sansanese Company did not provide any satisfactory information. Therefore, an email was sent to CDSL. Information provided by CDSL through email stated that my shares were debited by Sansanese Capital India Private Limited company based on the Power of Attorney, which I did not provide to Sansanese Capital India Private Limited company. The shares of the IT company in my demat account were fraudulently taken over by Sansanese Capital India Private Limited company, and I did not receive any money for the shares.

Following this complaint, the Crime Branch team initiated an investigation, and the accused are currently being interrogated on transit remand.