The vice president of leading share trading firm Indiabulls Securities was arrested on Tuesday for allegedly trading illegally by accessing the online trading account of a chartered accountant in Kolkata.
Deputy Commissioner (Detective Department-1) of city police Jawed Shamim said Siddhartha Daga, 26, had hacked into Arunava Chakraborty's online trading account with the firm on August 6 and shortsold a particular scrip through the day at various price levels.
At the end of the day, the net loss to Chakraborty's account was Rs 4.6 million.
"He had traded illegally. Due to him, Chakraborty suffered a net loss of Rs 4.6 million. Daga personally gained a part of the money," Shamim told IANS.
The young executive gained with 20,000 shares of the scrip in his own trading account with another firm, he said.
Police are now trying to ascertain whether any of his colleagues were involved in the illegal trading.
Chakraborty grew suspicious when he could not log on to his account and learnt of the illegal transaction after contacting other top officials of Indiabulls, according to police.
He then filed a complaint at the Bhowanipore police station and the case was later transferred to the detective department.
Daga was on Tuesday produced in court, which remanded him to police custody till August 18.