Mumbai broking firm duped of Rs 6.88 crore, files complaint

The accused persons prepared bogus pan cards and Aadhaar cards of five such clients, using which they created bogus demat accounts at JM Financial Services Ltd, and claimed the unclaimed shares of those five clients for the purpose of selling and buying, the complaint states. The accused also opened bank accounts in the names of these five clients using bogus documents, then transferred the shares in those accounts and encashed them.

One of the five client’s relatives in Delhi learned about the misappropriation of shares. The person contacted the firm and also approached Delhi police, who along with the complainant, approached Mumbai police, since the fraudulent activities allegedly occurred here. Following this, the complainant firm conducted an internal inquiry, and after discovering that unidentified accused persons had exploited their system procedure to siphon off profits, they filed a police complaint.

Based on this complaint, the Kasturba sub police station registered an offence under sections 420 (cheating and dishonestly inducing delivery of property), 465 (punishment for forgery), 467 (forgery of valuable security, will, etc.), 468 (forgery for the purpose of cheating), and 471 (whoever fraudulently or dishonestly uses as genuine any document or e-record…) of the Indian Penal Code against unidentified persons and is investigating the matter, an officer said.