Mumbai police have filed an FIR against three individuals accused of forging a Parsi priest’s signature to transfer shares worth ₹16.9 crore. The complainant, Framroze Dadi Vaccha, 52, from Jogeshwari, alleged that the accused — Lohrasp, Dilbar, and Atush Kalyaniwala — illegally moved shares from a joint demat account originally opened with his late aunt, Homai Karkaria, in 1999.
Vaccha discovered the fraud only last year, when he retrieved statements showing that blue-chip shares—of firms like ACC, Dr. Reddy’s, and Aditya Birla Capital—had been transferred without his consent. Police have invoked charges of cheating, criminal breach of trust, and forgery. The Economic Offences Wing has taken over the investigation.
Inside the Alleged Scheme
Investigators say the accused changed KYC details, nominee names, and contact information, using falsified documents to quietly gain control of the account. After Karkaria’s death, they allegedly exploited the transition period to insert their own credentials and initiate transfers.
The case highlights vulnerabilities in demat systems—where signature verification and nominee changes often depend on manual checks. Once documents are accepted, years can pass before discrepancies emerge.
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Broader Fault Lines
The affair exposes systemic gaps in financial oversight and verification. Questions linger: how could forged signatures pass scrutiny at multiple intermediaries? Why weren’t large transfers flagged as suspicious?
Within the Parsi community, where familial trust runs deep, the incident has stirred anxiety. Vaccha’s ordeal is both personal and emblematic—a reminder that even faith and kinship are no defense against white-collar deceit.
