IDBI Bank agrees to deposit over Rs 75 lakh shares in NRI woman’ account over 2019 demat fraud
The bank said it will procure the same amount of shares and deposit them in the woman’s newly opened demat account. The court also asked Cuffe Parade police to continue the probe against complicit bank officials.
3 min read
The bank said it will procure the same amount of shares and deposit them in the woman’s newly opened demat account. (File Photo)After a nudge by the Bombay High Court, the IDBI Bank has assured the HC that it will procure and deposit 31,690 of her shares of Wipro India Ltd worth over Rs 75 lakh into the account of an NRI woman, who lost the shares as they were transferred from her demat account without her sanction in 2019.
The bank said it will procure the same amount of shares and deposit them in the woman’s newly opened demat account. The court also asked Cuffe Parade police to continue the probe against complicit bank officials.
A bench of Justices Revati Mohite-Dere and Neela K Gokhale on April 30 passed an order on the plea of the 48-year-old woman, originally from Mulund. The HC had earlier pulled up Mumbai police for “shameful delay” in action on the woman’s complaint and had also asked the IDBI Bank to repay the amount to her.
The petitioner was issued shares in lieu of her years of service till 2005 and had opened a demat account with IDBI in 2004, with the shares’ value as per the 2019 statement being Rs 75.99 lakh. But she later come to know a person gained illegal access to her demat account and sold large amounts of her shares.
On April 15, Mumbai police informed the HC that the Cuffe Parade police station registered the FIR against the bank and its officials for offence of forgery among others and the FIR was transferred to property cell, CID, Mumbai. The bench had also pulled up IDBI Capital Markets and Securities Ltd for not showing seriousness in the case and taking no action against the concerned employee.
On Wednesday, advocate Mayur Khandeparkar for IDBI Bank submitted its affidavit, which stated that the bank will take necessary steps to procure 31,690 shares of Wipro India within three weeks and the same will be deposited in her newly opened demat account with the bank.
The IDBI Bank said after crediting the shares in her demat account, it will inform the police and the said shares will be kept under freeze. The bank said the freeze would be lifted on completion of the investigation by police and as per HC directions. “We make it clear that IDBI Bank is depositing the said shares without prejudice to their rights and contentions and the petitioner is accepting the deposits of the same without prejudice to her rights and contentions,” the HC noted.
You May Like
Photos
