Share transfer scam
The bangalore police have unearthed a major share transfer fraud in demat accounts with the arrest of two persons based in mumbai. the amount involved runs into crores of rupees. the fraud came to light when an employee of idbi bank, mission road branch, bangalore, found a transaction fishy. the accused duo had forged demat (dematerialised) shares of blue-chip companies and defrauded hundreds of shareholders.
They had forged signatures and sold demat shares of 63 scrips like reliance, ashok leyland, intel, sbi and icici. the police said a delivery instruction form was presented to the idbi bank in the name of jagatram badrecha and jayalaxmi requesting transfer of shares of different companies to the account of jitesh amrutlal vakharia in mumbai. when the bank authorities enquired about the transaction with jagatram and jayalaxmi, they maintained they had not sent any such request. jayalaxmi said she was away in the us when the ``request'' was made. realising that it was a case of forgery, the idbi bank authorities complained to the bangalore police. s. kali, an employee of the railway department in mumbai, was trapped when he went to the idbi bank to claim the benefit of transaction. he confessed he was acting at the behest of virender sanghvi, a mumbai share-broker for a decade. sanghvi used to operate under different names and forged signatures to commit the fraud.
The police said sanghvi used to steal share certificates, despatched from companies, in transit in collusion with courier companies. then he would forge signatures of original shareholders and get copies of delivery instruction slips through banks. later, get the shares transferred to various accounts and sell them clandestinely. sanghvi is accused of cheating shareholders in mumbai, bangalore, kolkata, baroda, chennai and other cities. preliminary investigations revealed he had intercepted a parcel containing 1,000 shares of zenith computers belonging to k.l. chugh, a businessman, with help from courier delivery boys and later got them transferred to his name by forging chugh's signature. the police in mumbai and chennai are looking into similar complaints.
The kolkata branch of idbi has lodged a complaint with the park street police station about forged delivery instructions worth about rs 12 lakh belonging to various demat account holders. share transfer stamps worth over rs 1 lakh have been seized from sanghvi. the sampangiramanagar police have slapped a case against sanghvi and kali. sanghvi is facing three cases of cheating in mumbai.
Source:TOI
They had forged signatures and sold demat shares of 63 scrips like reliance, ashok leyland, intel, sbi and icici. the police said a delivery instruction form was presented to the idbi bank in the name of jagatram badrecha and jayalaxmi requesting transfer of shares of different companies to the account of jitesh amrutlal vakharia in mumbai. when the bank authorities enquired about the transaction with jagatram and jayalaxmi, they maintained they had not sent any such request. jayalaxmi said she was away in the us when the ``request'' was made. realising that it was a case of forgery, the idbi bank authorities complained to the bangalore police. s. kali, an employee of the railway department in mumbai, was trapped when he went to the idbi bank to claim the benefit of transaction. he confessed he was acting at the behest of virender sanghvi, a mumbai share-broker for a decade. sanghvi used to operate under different names and forged signatures to commit the fraud.
The police said sanghvi used to steal share certificates, despatched from companies, in transit in collusion with courier companies. then he would forge signatures of original shareholders and get copies of delivery instruction slips through banks. later, get the shares transferred to various accounts and sell them clandestinely. sanghvi is accused of cheating shareholders in mumbai, bangalore, kolkata, baroda, chennai and other cities. preliminary investigations revealed he had intercepted a parcel containing 1,000 shares of zenith computers belonging to k.l. chugh, a businessman, with help from courier delivery boys and later got them transferred to his name by forging chugh's signature. the police in mumbai and chennai are looking into similar complaints.
The kolkata branch of idbi has lodged a complaint with the park street police station about forged delivery instructions worth about rs 12 lakh belonging to various demat account holders. share transfer stamps worth over rs 1 lakh have been seized from sanghvi. the sampangiramanagar police have slapped a case against sanghvi and kali. sanghvi is facing three cases of cheating in mumbai.
Source:TOI
0 comments:
Post a Comment