Mumbai: Five men arrested in Rs 3.5 crore stock scam in Malad

The suspects, including two former employees of the Malad-based firm, impersonated the company's staff and persuaded three customers to share One-Time Passwords (OTPs) that is required for selling shares.

FPJ Web DeskUpdated: Tuesday, July 19, 2022, 10:52 AM IST
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The Mumbai cyber police have arrested five men for allegedly stealing client data of a share trading firm and selling shares worth Rs 3.58 crore. The suspects, including two former employees of the Malad-based firm, impersonated the company's staff and persuaded three customers to share One-Time Passwords (OTPs) that is required for selling shares.

The cyber cops of the north region are still in looking for three more people, including one, who is located in the UK.

The scam came into light when three clients of Nirmal Bang Securities Pvt in Malad East's Poddar Park, came in touch with the firm for the returns on their investments. According to Mid-day, the police revealed that the gang first breached the mobile application of Nirmal Bang Securities and stole client's contact details.

They used cloning software to make calls to give the impression that they were being contacted by the company's WhatsApp number. As the investigation continued, the police suspected an insider's role. After a probe, they started focusing on former employees.

An official also said that they have frozen the investments of the suspects for now. The court has remanded the arrested five men in police custody.

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