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Home > Mumbai > Mumbai Crime News > Article > Mumbai Police arrest Gujarat man for fraudulently transferring shares worth Rs 24 lakh in his name

Mumbai Police arrest Gujarat man for fraudulently transferring shares worth Rs 24 lakh in his name

Updated on: 10 December,2023 06:56 PM IST  |  Mumbai
mid-day online correspondent |

Mumbai Police has arrested a man from Gujarat for allegedly fraudulently transferring equity shares worth about Rs 24 lakh belonging to another man

Mumbai Police arrest Gujarat man for fraudulently transferring shares worth Rs 24 lakh in his name

Representational Pic/File/iStock

The Mumbai Police  has arrested a man from Gujarat for allegedly fraudulently transferring equity shares worth about Rs 24 lakh belonging to another man, the PTI reported on Sunday.


The officials from the Economic Offences Wing (EOW) of the Mumbai Police arrested the man, a resident of Ahmedabad in Gujarat for allegedly fraudulently transferring shares in his name, an official said.


The suspect was identified as Vikram Shankarlal Shah, who reportedly took advantage of the similarities between his name and that of Mumbai-based businessman Vikram Subhashchandra Shah to commit the alleged crime, the official said, as per the PTI.


The complainant, who lives in Mumbai's Borivali area, held 6,430 shares of music company in physical form since 1999. The shares are now worth Rs 23.85 lakh, the official said.

In 2021, the complainant tried to move the shares to his demat account, which is in electronic form. However, he learnt that someone had already staked a claim over the shares.

The complainant first reported the matter through SEBI SCORES, which is a web-based centralised grievance redressal system of the market regulator, the news agency reported.

In the subsequent inquiry, it was found that Ahmedabad resident Vikram Shankarlal Shah had got the shares transferred in his name.

Taking advantage of similar names, the accused prepared a forged death certificate of the actual shareholder and made a false affidavit to get the shares transferred in his name, said the EOW official, according to the PTI.

The EOW arrested the accused from Ahmedabad on Thursday and brought him to Mumbai. A case has been registered against him under Indian Penal Code section 420 (cheating), the police official added.

Meanwhile, in an another incident, a 20-year-old man from Maharashtra's Palghar district allegedly cooked up his own kidnapping story to extract money from his father, police said on Sunday, reported the PTI.

The Valiv police here received a complaint from a resident of Fatherwadi area in Vasai that his son had gone out of the house on December 7 but did not return. The police registered a missing case on December 8, according to the PTI.

While they were conducting a probe into it, the complainant received a call from his son stating that three persons had kidnapped him, kept him in captivity, and were demanding a ransom of Rs 30,000, failing which they would kill him, an official said.

The son also sent a QR code to his father for the payment.

Four police teams were then formed and they searched for the man in Vasai, Virar, Nalasopara and other places, the official said.

(with PTI inputs)

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