Bizman’z aides steal shares worth ₹68 crore using forged documents

The EOW’s investigation has revealed that six individuals associated with his firm, also including his relatives, had transferred the shares on their names by forging the gift deeds

Mumbai: Six individuals, including the relatives of an 83-year-old businessman, who were associated with his real estate firm, were booked on Saturday for allegedly stealing 10,067 shares worth ₹68 crore using forged documents.

Bizman’z aides steal shares worth ₹68 crore using forged documents

According to the police, the businessman, Dr Akhtar Hasan Rizvi, owner of the company, Rizvi Estate and Hotels Pvt. Ltd., owns up to 80% of the firm’s shares and was in the process of acquiring 10,067 more shares after the death of the share-holder in 2022, who also happens to his relative. He later found out that the shares, instead of being transferred in his name, were transferred to other relatives. Upon reviewing the audit reports, he found that the shares were given to them as gift deeds, on which his digital signature was used without his notice. Following this, Rizvi approached the Economic Offences Wing and filed a complaint.

The EOW’s investigation has revealed that six individuals associated with his firm, also including his relatives, had transferred the shares on their names by forging the gift deeds. Subsequently, the six people were booked on Saturday under sections 465 (forgery), 467 (forgery of valuable securities), 468 (forgery for the purpose of cheating), 471 ( fraudulent use of a forged document), 420 (cheating), 120 (b) (criminal conspiracy) and 34 (common intentions tocommit a crime) of the Bharatiya Nyaya Sanhita.