Mumbai: Five held for cheating customers of share broker firm

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Five persons have been arrested by Mumbai Police for allegedly gaining access to demat accounts of the customers of a share broker firm and cheating them of Rs 3.5 crore, an official said on Thursday. Cyber wing of the Mumbai crime branch busted the gang earlier this week, he said.

The unauthorized transactions had taken place between May 25 to June 8.

The firm has its office in suburban Malad area, the official said, adding that the complaint was registered at North Region Cyber Police Station on June 23.

The complainant told police that the accused got access to a WhatsApp number through which the firm communicated with its customers.

Posing as the firm's representatives, the accused made calls to its customers, got details of their accounts by asking for OTPs and accessed their mobile trading apps, the complaint said.

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After getting access to the app, the accused sold shares from demat accounts of customers and purchased shares of other companies, cheating them of over Rs 3.58 crore.

Police tracked down the accused in Ahmedabad, Mumbai and the United Kingdom, and arrested two persons from Mira Road in Thane district and Nallasopara in Palghar district first.

Further, three gang members were arrested from Bandra and Dahisar in Mumbai and Ahmedabad in Gujarat.

A gang member based in the UK used to make calls to customers, the arrested men told police.

The investigators are now probing whether any international gang was involved in the crime, the official said.

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