Representational photo
Representational photo

The Mulund police have registered a case of cheating and criminal breach of trust against a man working with a stock broking firm, for allegedly selling shares of a customer in the stock market through fraudulent ways. According to the police, the complainant in the case is one of the three directors of a stock broking firm, situated in Mulund (W). As per the complainant, 40 people work in his firm.

"The victim in his complaint has alleged that the suspect in the case had joined the firm in 2017 and was posted with the Demat account operations department. His job profile was to handle accounts of the customers who were trading in the share market through the firm. His work was to sell and buy shares for the customers as per the instructions of the customers," said an officer from Mulund police station.

One of the customers informed the complainant that 500 shares of a leading private bank were missing from his Demat account. "An inquiry conducted by the firm revealed that the suspect had transferred 500 shares worth Rs 2.25 lakh of the customer to another account and later sold the said shares in the market. The complainant also learned that the suspect had changed the customer's mobile number with his number so that the customer does not get any alert on the phone," said the officer.

A case was registered on July 4, in the matter under sections 408 (Criminal breach of trust by clerk or servant) and 420 (Cheating and dishonestly inducing delivery of property) of the Indian Penal Code and have initiated a probe into the matter. "We are trying to trace the person as he has not been traceable ever since the fraud came to light. We have details of his mobile phone and bank account and we hope to trace him soon," the officer said.

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