Ludhiana: Chartered accountant , wife duped of ₹86 lakh by ‘relative’

A chartered accountant had appointed his nephew as a stock investment manager who sold the stocks without informing the complainant. An FIR has been registered

A chartered accountant and his wife lost ₹86 lakh after their nephew allegedly sold their stocks without their knowledge. The matter came to light when the couple sought a ₹27 lakh payout from their stock investments, only to discover the scam.

The accused initially claimed that his account had been hacked.

On the complaint of Sanjay Kumar, a resident of Aryan Enclave, Thareeke, the Sadar police have registered a case against Abhishek Kumar, a resident of Ayali Kalan. Abhishek is the son of the complainant’s sister.

Sanjay Kumar had hired Abhishek as an assistant in 2018 to teach him accounts and stock market operations. Abhishek worked with him until July 2022 before leaving to gain more experience at the Ludhiana Stock Exchange. In January 2023, he returned, proposing to work as Sanjay’s stock investment manager with a profit-sharing agreement.

Sanjay handed over the handling of his and his wife’s demat accounts, including ID passwords, trusting Abhishek as a family member. Abhishek provided screenshots showing consistent stock growth and took his agreed 50% share of profits.

Trouble emerged when Sanjay asked Abhishek to process a ₹27 lakh payout to settle his debts. Abhishek claimed the accounts were hacked, blaming a broker at the Ludhiana Stock Exchange.

Sanjay consulted his brother-in-law Deepak, who found no evidence of hacking or broker misconduct. Instead, it was revealed that Abhishek had sold all their stocks without permission, amounting to ₹86 lakh.

Assistant sub-inspector (ASI) Rajinderpal of the Sadar police station confirmed the findings of their investigation. A case has been registered under Sections 406 (criminal breach of trust) and 420 (cheating) of the IPC. A hunt is on for his arrest.