Mumbai: JM Financial Service Limited has filed a case against an unidentified individual, accusing them of cheating and forgery.
According to the FIR, JM Financial Service, situated in Borivali (East), is a stockbroker and depository participant company. It first became aware of the fraudulent activities in June 2022 when the Delhi Economic Offence Wing informed them that Sadhya Jain and Alok Jain, customers of the company, had fallen victim to deception. In February 2023, officers from the Gurgaon Cyber Police visited the firm’s office to report that another customer, Vikas Jain, had complained about someone creating a fake Demat account in his name.
Subsequently, the company cooperated with the Delhi EOW and Gurgaon Cyber Police, providing all necessary documents. During the investigation, they examined the call records of the affected customers, discovering that someone claiming to be Jamshed Wakharia had contacted them from the company’s number and asked them about their share details and insisted on transferring their shares. Further scrutiny revealed that Wakharia was also a customer of the company with an address in Vadodara, Gujarat, and a birthdate in 1932. It was found that Rs4.77 crore worth of shares were credited to his Demat account, which he sold and transferred to his IDBI Bank account in Vadodara.
Details On The Fraud
In March 2023, the company received an application from Wakharia requesting the closure of his Demat account. However, upon verification, discrepancies emerged and the company froze his account and initiated contact, leading to the revelation that the person claiming to be Vinay Wakharia, Jamshed’s son, was likely impersonating him. In April 2023, an individual visited the company’s office claiming to represent Jamshed Wakharia and submitted a letter requesting the closure of his Demat account and the transfer of stocks. When asked for PAN card verification, the individual refused and left. Subsequent visits to the addresses in Gujarat and Malad (East) revealed that neither location was connected to Wakharia.
The company said that the perpetrator exploited its systems, defrauding five customers: Sandhya Jain, Alok Jain, Akhil Sawant, Deepshikha Roy, and Belantgadi Rao, along with the real customer Jamshed Wakharia, of a total sum of Rs6.88 crore.
