Mumbai News: 55-Year-Old Man Loses ₹20 Lakh In Demat Cyber Fraud During Gujarat Pilgrimage

Mumbai: A 55-year-old Wadala resident was duped of shares worth nearly ₹20 lakh from his demat account while he was away on a spiritual journey in Gujarat for the Narmada Parikrama.

According to the cyber police, cybercriminals executed the fraud by first changing the mobile number linked to the victim’s demat and CDSL accounts. They also created a fake email ID that closely resembled the victim’s and linked it to the account to authorize fraudulent transactions.

The victim, employed as an office supervisor at a power company, was on a pilgrimage in April and visited the Garudeshwar temple. On returning to Mumbai and checking his demat account, he was shocked to find all his shares gone.

Initially assuming it was a technical glitch, he tried checking the holdings through his mobile app but couldn’t view any of the 40 company stocks he owned. Repeated calls and a visit to the demat service provider’s office fetched only vague responses citing "network issues."

A closer look at his mobile messages revealed that the registered mobile number had been changed—an alert he had missed while travelling. Further inquiries showed that a fraudulent email ID had been linked to his account.

On April 25, when the full extent of the fraud became clear, he approached the demat service provider again, who confirmed that a total of 8,669 shares across 40 companies had been transferred without his knowledge.

The current market value of the stolen holdings is approximately ₹19.98 lakh. Cyber police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. The investigation is ongoing.