Delhi man held for pocketing Borivali couple’s ₹3 crore shares

Mumbai: A 44-year-old Delhi man was arrested on Saturday for allegedly selling shares worth ₹3 crore belonging to a Borivali couple

Mumbai: A 44-year-old Delhi man was arrested on Saturday for allegedly selling shares worth ₹3 crore belonging to a Borivali couple.

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The accused has been identified as Naresh Singh.

According to the police, the complainant, Selin Nicholas Pinto, 76, of Shimpoli in Borivali West, had approached the police on May 10 after shares of 16 companies worth ₹3 crore belonging to her and her husband were transferred from their demat account to an account of an unidentified person.

During the investigation, the police found that a request had been submitted to the couple’s trading company to change their address. When enquired, they learnt that Pinto had made no such request. Only after the couple’s trading firm informed them about the change, they approached the police.

The police found that the accused, who had worked with the trading company 10 years ago, had used his knowledge of the system and filled delivery instruction slips, which are required for transfer of shares from one account to another.

Singh then submitted the slips to the trading firm and got the shares transferred to a bogus demat account in Delhi, which he had access to. He had opened this account with another firm using documents of a man, who had died five years ago. After the transfer, he sold off the shares and pocketed the money.

The police traced his address in Delhi and arrested him. “We have learnt that he had changed many jobs and was currently jobless. He has been remanded to police custody till November 26,” a Borivali police officer said.