The special task force (STF) on Saturday busted a gang involved in forged d-mat accounts and fraudulent transfer of redemption payments of shares in accounts operated by them. The gang has confessed they have withdrawn Rs eight lakhs from five different accounts and cheated share holders by seeking hefty brokerage for transactions, which they had not committed .
Additional director general of police (ADG) STF Brig Lal said that regular complaints were being received from Lucknow, Varanasi and Allahabad regarding fraudulent redemption of shares and withdrawal of their payments through forged bank accounts on fake identities. “We deputed DySPs Triveni Singh and S Anand to track the gang. They managed to rope in five members of the gang on Saturday,” Brig Lal said. According to senior SP STF Amitabh Yash, the accused have been identified as Gaurav Saxena of Aliganj, Meraj Ahmad of Rahimnagar and Mohammed Waseem of Arya Nagar. Amitabh Jaiswal, Ashish Singh and Manish Sharma – all hailing from Allahabad were also arrested.
“Initial interrogation has revealed that the gang used to maintain a good rapport with some select employees of companies dealing in mutual funds and obtain photocopies of the original application forms submitted by the investors for purchase of units along with the latter’s folio numbers. The gang would then open bank accounts in the name of the investor by submitting forged documents for name and address verification,” said the police.
The gang pose them as the genuine investor, they approach the registrar of the Mutual Funds seeking change in their residential address and bank account (the forged one). After this gang apply for redemption of the units in the name of the genuine investor and collect the payment in their forged accounts from where it was subsequently withdrawn. The gang used to inform the employees of the MF companies and courier companies to collect details of the documents related to investors and the official communications through courier. The gang leader Gaurav Saxena also managed to open fake bank accounts with top share broker companies of National and Bombay Stock Exchange (NSE and BSE) and opened as many as 25 d-mat accounts on forged names. He would then trade with the shares of different share holders at his own sweet will and seek brokerage.
It was also revealed during the investigations that some bank employees also help them to open bank accounts on forged documents with the mandatory introducer. The bank also issue the cheque book, ATM cards and their pin codes by hand to them which is against the norms .
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