Ludhiana: Employee withdraws ₹49 lakh from mutual fund accounts of deceased

An employee of a mutual funds company in Ludhiana withdrew ₹48.98 lakh from the accounts of dead people by preparing their fake death certificates. Division Number 5 police lodged an FIR against the accused

An employee of a mutual funds company withdrew ₹48.98 lakh from the accounts of dead people by preparing their fake death certificates. The Division Number 5 police lodged an FIR against the accused.

An employee of a mutual funds company in Ludhiana withdrew ₹48.98 lakh from the accounts of dead people. The accused has been identified as Sandeep Singh of Bhai Randhir Singh Nagar in Ludhiana. (HT Photo/ Representational image)

The accused has been identified as Sandeep Singh of Bhai Randhir Singh Nagar.

The FIR has been lodged following the statement of Sheeshpal Singh, an employee of Kfin Technologies, Feroze Gandhi Market.

Sheeshpal Singh stated that during scanning of the accounts, they found that money from the mutual fund accounts of several people was withdrawn.

When they investigated on their own, they found that the accused used to identify the accounts where the account holders had died.

He used to prepare the fake death certificates of the account holders and withdrew the amount from their accounts. They came to know that the accused had embezzled around ₹48.98 lakh from the accounts.

Inspector Rajesh Kumar, in-charge, CIA staff-1, said after receiving the complaint an FIR has been lodged against the accused under Sections 420 (cheating and dishonestly inducing delivery of property), 465 (forgery), 467 (forgery of valuable security, will, etc), 468 (forgery for purpose of cheating) and 471 (using as genuine a forged document or electronic record) of the IPC at police station division number 5. The police have arrested the accused.

The police have been investigating to know from how many accounts the accused have withdrawn the money and who all are involved in the crime.