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Mumbai: Three held for demat account fraud
Updated On: 05 February, 2024 07:04 AM IST | Mumbai | Apoorva Agashe
The police suspect that they defrauded five customers of JM Financial Services out of R14 crore by misusing identification documents of owners of unclaimed demat accounts
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Representational images. Pic/iStock
The Economic Offences Wing (EOW) arrested three accused for fraudulently obtaining details of unclaimed demat accounts and then illicitly transferring money to their bank accounts. The police are yet to recover the amount and are in search of one more alleged accused.
“Their modus operandi included scrutinising dormant demat accounts and then creating forged documents of customers and defrauding the money before the family members claim the amount. We are in search of one more person and are trying to learn how they accessed the data. Our investigation is at its primary stage,” said a police officer.
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