Man cheated of Rs 80 lakh by ex-staff of brokerage firm: Police

The two have been booked on charges of cheating, forgery, forging of valuable security and forgery for the purpose of cheating, said an official, adding that search is on to nab them.

Written by Mohamed Thaver | Mumbai | Published:June 25, 2017 2:21 am
The two have been booked on charges of cheating, forgery, forging of valuable security and forgery for the purpose of cheating, said an official, adding that search is on to nab them.

A 45-YEAR-OLD project manager with a private company, who was allegedly cheated of Rs 80 lakh by two employees of a brokerage firm, lodged a complaint with the N M Joshi Marg police last week. Police said the two accused had operated the complainant’s account in the past, and after they quit the firm, allegedly sold off his shares worth Rs 80 lakh.

The two have been booked on charges of cheating, forgery, forging of valuable security and forgery for the purpose of cheating, said an official, adding that search is on to nab them. As per the complaint given by Chetan Kamdar (45), a central Mumbai resident, he had been using the services of the brokerage firm since October 2014. Over a period of time, said an officer from the N M Joshi Marg police station, he accumulated shares of two companies worth approximately Rs 80 lakh. He was in regular contact with his relationship manager at the brokerage firm, who identified himself as Abhishek Khanvilkar.

In May 2015, when his mother was ailing and he needed money, Kamdar called up Khanvilkar, who sold some of his shares and paid him Rs 1.95 lakh, the officer said. Khanvilkar told him that the rest of his shares, approximately worth Rs 80 lakh, were intact with the firm. “Khanvilkar also sent him a statement to assure him of this,” the officer said. The last conversation the complainant had with Khanvilkar was in April 2016.

In May, Kamdar received a call from another person from the firm, who told him he was his new relationship manager. When Kamdar enquired about Khanvilkar, he was informed that he had quit in December 2015. Kamdar was shocked, as during their conversations, Khanvilkar had never mentioned that he was no longer with the firm. “Concerned, Kamdar enquired about his shares. The new relationship manager informed him that his account balance was zero,” the officer said.

Kamdar then visited the officer of the brokerage firm. The firm informed him that all the shares were transferred from his account based on instructions given by him. “The brokerage firm told him that at best, they would return the brokerage fee, but could do nothing about the principal amount lost,” another officer said. Kamdar told them that it was their duty to inform him that his relationship manager had quit and that his account balance had been wiped out.Eventually, over a period of a few months, Kamdar obtained documents from the firm proving that he had been cheated. He then approached the police last week. Senior inspector of N M Joshi Marg police Ahmed Pathan said, “An FIR has been registered in the matter. No arrests have been made so far.”

For all the latest Cities News, download Indian Express App

  1. No Comments.