Mumbai police arrests Gujarat man for fraudulently transferring shares worth Rs 24 lakh in his name | Mumbai News – Times of India



MUMBAI: The Mumbai Police‘s Economic Offences Wing (EOW) arrested a resident of Ahmedabad for allegedly fraudulently transferring equity shares valued at approximately Rs 24 lakh, originally belonging to a Mumbai-based businessman with a similar name.
The accused, Vikram Shankarlal Shah, exploited the name similarity to commit the fraud.
The complainant, residing in Borivali, Mumbai, held 6,430 shares of Sa Re Ga Ma India Limited in physical form since 1999, now valued at Rs 23.85 lakh.In 2021, when attempting to transfer the shares to his demat account, he discovered that someone else had claimed ownership.
Upon reporting the matter through SEBI SCORES, an inquiry revealed that Vikram Shankarlal Shah of Ahmedabad had orchestrated the unauthorized transfer. Exploiting the resemblance in names, the accused forged a death certificate for the actual shareholder and submitted a false affidavit to facilitate the transfer, according to an EOW official.
The EOW apprehended the accused in Ahmedabad on Thursday, bringing him to Mumbai. He faces charges under Section 420 (cheating) of the Indian Penal Code.
(With agency inputs)

Source link


Please enter your comment!
Please enter your name here