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Mumbai Police have arrested a woman for allegedly selling shares worth ₹4.58 crore from a 76-year-old businessman’s demat account.
How Was the Demat Account Accessed?
The South Cyber Police arrested 33-year-old Pushpa Bind, an employee of a share trading firm, for allegedly accessing the businessman’s demat account without his consent and using the proceeds from his shares to purchase penny stocks.
According to police, Bind contacted the Gamdevi-based businessman on August 10 and suggested that certain shares could generate profits. Investigators allege that she subsequently obtained his demat account credentials and password, allowing her to access his investment portfolio.
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How Were Unauthorised Transactions Completed?
Deputy Commissioner of Police (Cyber) Bairang Bansode said investigators discovered that Bind had allegedly obtained a SIM card linked to the mobile number associated with the businessman’s registered email account. This enabled her to receive the one-time passwords required to authorise transactions.
Using these credentials and OTPs, she allegedly sold shares worth approximately ₹4.58 crore and purchased penny stocks in their place. These low-priced securities are generally thinly traded. Police allege that Bind received a 30% commission on the transactions, although they have not disclosed who paid the commission.
How Did Police Discover the Fraud?
The businessman discovered irregularities in his investment portfolio on August 11 when he checked his demat account. The discrepancy emerged just a day after Bind had reportedly contacted him about potentially profitable investments.
Following the discovery, Mumbai Police intervened and prevented the sale of shares worth ₹2.86 crore, according to Bansode. Police subsequently confirmed that shares valued at more than ₹2.86 crore had been frozen. However, authorities have not clarified how the remaining value of the shares involved in the alleged transactions was handled.
What Has the Investigation Revealed?
Investigators have established that Bind previously worked with well-known investment firms in Mumbai. Police also confirmed that she had been arrested earlier by the Santacruz and Azad Maidan police in connection with separate criminal cases.
The South Cyber Police are now examining whether other individuals participated in the alleged fraud. Investigators are also looking into the circumstances surrounding the unauthorised transactions and the commission reportedly received by the accused. The case remains under investigation, with police seeking to determine whether additional persons were involved in accessing the account or executing the trades.
