Share investor held for cheating | mumbai | Hindustan Times
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Share investor held for cheating

A share market investor was arrested on Tuesday at Pant Nagar for allegedly duping people after facing huge losses in the share market. The police recovered three laptops from the accused and are on the lookout for his accomplice.

mumbai Updated: Nov 04, 2010 01:10 IST
HT Correspondent

A share market investor was arrested on Tuesday at Pant Nagar for allegedly duping people after facing huge losses in the share market. The police recovered three laptops from the accused and are on the lookout for his accomplice.

An police officer, talking on condition of anonymity because he is not authorised to talk to the media said: “Kishore Gala, earlier an investor in the share market, suffered huge losses in the market around a year ago. He had to sell off his laptop to pay for the losses. It was then that he and a friend, Swanand Sheth, decided to cheat a shop owner selling electronic items by ordering for three laptops and paying for it with a with a cheque that would bounce because of a lack of funds. The accused had gone missing from the day the transaction took place only to be arrested on Tuesday.”

The complainant in the case, Mayuresh Khatavkar, who owns the shop in Mulund had been contacted by the accused in June this year. After the transaction, when Khatavkar tried to encash a cheque worth Rs 10,04,300 it bounced.

Khatavkar tried to contact the accused on the telephone number and address provided by them. “But they were fake,” added the police officer. He then contacted the police.

“Based on tip-offs, we arrested Gala and are still on the lookout for Sheth. We suspect the duo to have duped other store owners as well,” said the officer.