EOW arrests stockbroker for stealing property worth ₹27cr

The Economic Offences Wing (EOW) of the Mumbai Police arrested a 30-year-old stockbroker last week for allegedly usurping properties worth approximately Rs27 crore

The Economic Offences Wing (EOW) of the Mumbai Police arrested a 30-year-old stockbroker last week for allegedly usurping properties worth approximately Rs27 crore through cheating and forgery. The accused, Sibte Ali, was produced before a magistrate’s court last Tuesday and has been remanded in EOW’s custody till October 24.

The accused, Sibte Ali, was produced before a magistrate’s court last Tuesday and has been remanded in EOW’s custody till October 24. (HT File Photo)

The complainant, a 64-year-old Chartered Accountant Cushru Shroff, said he and six others are beneficiaries in the will of his late aunt, Sheroo Jal Cooper, 84, who died on 12th January 2015. Ali was one of the members of the firm that helped siphon off Sheroo’s assets after her death, alleged Cushru.

Sheroo’s will, finalised on 30th March 2005, divides her shares, fixed deposits, bank balance, investments and properties equally. Her husband Jal died in 2001. The couple did not have any children.

Cushru alleged that Sheroo’s cousins, who are also beneficiaries, connived and forged a Power of Attorney (PoA) executed on 27th November 2014, two months before Sheroo’s death. He added that Sheroo was unfit both mentally and physically owing to her advanced age at the time. He also alleged that Sheroo’s signature on the PoA was forged.