The Economic Offenses Wing (EOW) of the Mumbai Police has arrested an individual who fraudulently obtained details of unclaimed demat accounts from four to five stockbroking firms and illicitly transferred approximately Rs 10.27 crore to his bank account.
According to a statement from Kunal Kothari, Vice President Legal at JM Financial Services, unidentified individuals, posing as officials from the respective companies, instructed the transfer of shares and subsequently withdrew funds.
Background details of case
The EOW received a complaint alleging that an unknown person had somehow accessed information about customers from the complainant's firm, whose shares had either expired or remained unclaimed for an extended period. The complaint also highlighted that the company had no knowledge of whether the individuals whose shares were acquired by the accused were alive or deceased.
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An EOW official stated that the accused masqueraded as representatives of the companies involved. The individual forged PAN cards and Aadhar cards for five customers—Sandhya Jain, Ashok Jain, Akhil Sawant, Deepsikha Roy, Belangadi Rao, and Jamshed Vakharia. Using these forged documents, fake demat accounts were created in JM Financial Services Limited, and the unclaimed shares of the five customers were claimed.
FIR filed at Kasturba Marg Police Station
The accused also opened bank accounts in the fake names of these customers, using counterfeit documents. Subsequently, shares were transferred to these accounts, and Rs 10.27 crore was withdrawn.
An FIR in this case was filed at Kasturba Marg Police Station and is currently under investigation by the EOW. Arvind Goyal (51) has been arrested on charges of defrauding share-broking firms and their customers of Rs 10.27 crore. The EOW is actively seeking two more associates, including Vinay Vakharia, in connection with this case.
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