New Delhi : Expanding its probe into an alleged large-scale scam in conversion of physical shares into demat format, markets watchdog Sebi has decided to conduct a detailed forensic audit of the books of Sharepro and some other registrars and share transfer agents. Sebi suspects hundreds of individuals and market entities to be involved in the case wherein several listed blue-chip companies are said to have been defrauded by a syndicate with the help of some registered entities, a senior official told PTI. The modus-operandi followed by the scamsters typically involved filing of complaints about loss of physical share certificates, followed by issuance of fresh shares in demat format and even unclaimed dividend to fictitious beneficiaries by conducting a fraudulent ‘due diligence’ exercise. The scam has been traced to several parts of the country including in Mumbai, Ahmedabad, Delhi and Kolkata and the regulator has involved the local police in those areas as part of its crackdown on the syndicate members.