The Malabar Hill Police are on the lookout for two persons who duped a city-based businessman for Rs 4.80 crore by promising a high return on investing shares.
According to the police, the complainant Parag Shah was lured by two persons to transfer his shares to their demat account and keep it for six months. The police said the accused promised to give the victim 10 per cent profit on the investment annually.
Demat account allows investors to hold their shares in an electronic form. Stocks in demat account remain in dematerialised form. Dematerialisation is the process of converting physical shares into electronic format.
"Thinking it a genuine deal, the victim started transferring the shares. Initially, to gain the trust of the victim, the accused gave him returns on investment however as the victim transferred all his shares, the accused then promised the victim to give him returns as the value of shares will increase however the accused did not return any amount in the past five to six years and ignored the victim's plea. Shah then approached us and lodged the complaint," said a police officer.
"After verifying his claims, we registered an FIR against the duo for cheating and breach of trust. As the amount exceeds Rs 3 crore, we have transferred it to the Economic Offence Wing of Mumbai Police," said Vinod Kamble, Senior Police Inspector, Malabar Hill Police Station.
