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This is an archive article published on December 9, 2023
Sharing same name as Mumbai businessman, Gujarat man tries to ‘steal’ his shares in music company; arrested
Vikram Shankarlal Shah tried to usurp the shares that Vikram Subhashchandra Shah held in Sa Re Ga Ma India Ltd. He prepared a forged death certificate and submitted a false affidavit, as per the FIR.
On Friday, the accused was produced before court and sent to police custody till December 11. (Representative file photo of Mumbai police by Pradip Das)
The Economic Offences Wing (EOW) of the Mumbai police has arrested a man from Gujarat for allegedly usurping the shares of a Mumbai-based businessman who is a shareholder of popular music company Sa Re Ga Ma India Ltd.
While the EOW registered the case on December 5 after a complaint from Borivali resident Vikram Subhashchandra Shah, they arrested the accused, Vikram Shankarlal Shah, on Thursday.
As per the complaint, the complainant has been jointly holding 6,430 physical shares of M/s Sa Re Ga Ma India Ltd. since 1999. In 2021, when the complainant contacted the share transfer agent to convert the physical shares into demat form, he learnt that the shares were deposited at the Investor Education and Protection Fund (IEPF) as someone had made a claim on the said shares.
Shocked, the complainant initially lodged a complaint with SEBI Scores. In the inquiry, it was found that Vikram Shankarlal Shah, a resident of Ahmedabad, had made the claim on the shares.
“The present value of these shares is Rs 23,85,209. The accused persons took wrongful advantage of similar names, prepared a forged death certificate of the shareholder, and gave a false affidavit,” Inspector Rajesh Kasare from share unit (7) at EOW said.
The complainant approached the police and filed a complaint against the accused.
After the accused’s location was traced, a team led by Inspector Nitin Gije, Assistant Police Inspector Kanhaiya Shinde, Assistant Sub-Inspector Shivaji Walekar and Hawaldar Amit Narvekar nabbed the accused from his office, confirmed his identity and his involvement in the crime. “He is into the share trading business and has been charged with sections 419, 420, 465, 467, 471, and 511 of the Indian Penal Code,” Kasare added. The charges include cheating by personation, forgery etc.
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On Friday, the accused was produced before court and sent to police custody till December 11.
Joint Commissioner of Police (EOW) Nishith Mishra and Deputy Commissioner of Police (EOW) Sangramsinh Nishandar supervised the investigation.
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