Mumbai, November 4, 2026: The South Region Cyber Police have arrested a woman, identified as Pushpa Bind, for allegedly hacking an investor’s Demat account and fraudulently selling shares worth Rs 4.58 crore before using the proceeds to purchase penny stocks valued at just Rs 1.71 crore.
The accused, a computer engineer, was working as an assistant at a company associated with the stock market. Police allege that she misused her technical knowledge to gain unauthorised access to investors’ accounts and cheat them.
According to the police, the fraud took place on August 10, between 11 am and 3 pm, when an unidentified person accessed the complainant’s Demat account using the victim’s user ID and password. Shares worth Rs 4.58 crore were allegedly sold without the investor’s consent, and penny stocks worth Rs 1.71 crore were purchased in their place.
SIM Swap Allegedly Used To Access Demat Account
Following a complaint, the South Region Cyber Police registered a case against an unidentified accused and launched an investigation. A team led by Senior Police Inspector Nandkumar Gopale acted swiftly and managed to freeze shares worth Rs 2.86 crore.
During the investigation, police discovered that the OTP required to access the complainant’s Demat account was being sent to the victim’s registered email address.
The accused allegedly obtained unauthorised access to the email account by fraudulently procuring a SIM card linked to the mobile number registered with the email ID.
Using this access, Bind allegedly gained entry into the victim’s Demat account, sold the existing shares and purchased penny stocks without the investor’s knowledge or consent.
Accused Linked To Four Other Cases
The police arrested Bind on November 3. A background check revealed that she was allegedly involved in three other cases registered in 2025 — two at Santacruz Police Station and one at Azad Maidan Police Station. Another case was registered against her at Andheri Police Station this year.
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Police said that Bind had been arrested in connection with all four previous cases as well. Further investigation is underway to ascertain the extent of the fraud and identify whether other investors were targeted.
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