Mumbai: 60-Year-Old Man Arrested In ₹14.11 Crore Unclaimed Demat Accounts Fraud Case
The Matunga resident is the third person to be arrested in the mega fraud.
A 60-year-old man has been arrested for his alleged role in the Rs14.11 crore unclaimed demat accounts fraud. Manish Shah is the third person to be held in the case. Previously, Arvind Babulal Goyal and Ashish Priyavadan Shah, who are currently in judicial custody, were caught.
Details of case
The Economic Offences Wing (EOW) arrested Shah from his residence in Matunga and subsequently produced him before a holiday court on Sunday. He was remanded into police custody until February 7. Shah is accused of aiding in the creation of fake accounts by forging PAN and Aadhaar card details, and providing information on unclaimed demat accounts to other accused.
According to the EOW, he facilitated the opening of a fake account, contributing to the fraudulent acquisition of information from dormant accounts. The accused then slyly transferred shares to a stock broking firm.
JM Financial Services Vice President (Legal) Kunal Kothari had lodged an FIR at the Kasturba Marg police station. The case was then transferred to the EOW.
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