Man hacks into trading accounts, siphoned off Rs 7.76 lakh | mumbai | Hindustan Times
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Man hacks into trading accounts, siphoned off Rs 7.76 lakh

mumbai Updated: Sep 13, 2009 01:02 IST
HT Correspondent

He used his knowledge of hacking to finance his aspirations of a medical degree.

However, his misadventure ended after he was arrested by the MIDC police.

Ashish Kumar Dubey (26), a third-year MBBS student from Uttar Pradesh, was arrested by the police for allegedly siphoning off Rs 7.76 lakh last year by hacking into the accounts of at least six clients of Angel Broking, a company dealing in shares.

The police said Ali Hasan was the first client of Angel Broking whose account was hacked by the accused.

The officials added that every member of the firm is given a unique account number and password to transact on their accounts.

Dubey hacked Hasan’s account and sold 10,800 shares for as low as 5 paise to himself and then sold the same number of shares back to Hasan for Rs 57.

A police investigation followed after the arrest of Tejas Ahuja (22), an independent advisor dealing in shares.

Working on the leads provided by Ahuja, the investigators finally arrested Dubey, who had had met Ahuja on

a networking site and introduced himself as Mehrdad from Iran.

During interrogation, Dubey reportedly confessed that he had started hacking into people’s accounts about a couple of years ago after he ran short of funds to finish his studies.

Dubey also told interrogators that he had earlier defrauded many people in Ganganagar in Rajasthan.

He told the police that he had used a similar technique and swindled more than Rs 20 lakh from their accounts.