Share broker firm cheats five customers in Mumbai

The Mumbai Police have arrested five people for allegedly gaining access to the demat accounts of customers of a share broker and defrauding them of Rs 3.5 crore, an official said.

The Mumbai crime branch’s cyber wing busted the gang earlier this week.

During the period of May 25 to June 8, unauthorized transactions were made.

According to the official, the company’s office is in suburban Malad, and the complaint was filed on June 23 at North Region Cyber Police Station.

A WhatsApp number with which the firm communicated with its customers was accessed by the accused, according to the complainant.

By pretending to be the firm’s representatives, the accused made calls to customers, obtained information about their accounts by requesting OTPs, and accessed their trading apps.

After getting access to the app, the accused sold shares from demat accounts of customers and purchased shares of other companies, cheating them of over Rs 3.58 crore.

Police tracked down the accused in Ahmedabad, Mumbai and the United Kingdom, and arrested two persons from Mira Road in Thane district and Nallasopara in Palghar district first.

Further, three gang members were arrested from Bandra and Dahisar in Mumbai and Ahmedabad in Gujarat.

A gang member based in the UK used to make calls to customers, the arrested men told police.

The investigators are now probing whether any international gang was involved in the crime, the official said.

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