Mumbai: Elderly woman loses Rs 3.14 cr

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A 44-year-old share trading agent from Delhi was arrested by Borivli police on Saturday for duping an elderly woman of Rs 3.14 crore. The man diverted complainant Celino Pinto's (77) funds to a fake demat account.

Police sources said accused Naresh Bharat Singh allegedly confessed to the crime. He was struggling to make ends meet after losing a job to the pandemic.

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According to the police, the complainant is a senior citizen identified as Celine Pinto (77) lives in Shimpoli in Borivali West.

She owns shares worth Rs 3.14 crore of 16 different companies and has demate accounts in Share Khan trading company, police said.

A letter from the share trading company about a change in name and address alerted Pinto about a possible fraud. She then approached police. A fake Aadhar card was also made in her name by Singh.

We have registered the case under sections 465, 468, 471, 419, and 420 of IPC and the investigation is underway, the officer said.

During the investigation, the police found that the shares were transferred to another demate account of the Global Capital Marketing company. From there the accused sold all the shares and was preparing to transfer the entire amount to the demate account of Chandrakant Shah, a Vile parle resident.

When we approached the above address revealed Chandrakant Shah has died in the year 2017 and someone made demate account in his name using fake documents, the officer added.

A police team went to the Share Khan office in Kanjurmag and took the CCTV footage of May month. We got the photos of the accused. During the investigation, one person from the office recognized the accused, Naresh Bharat Singh, the officer said.

Under the guidance of DCP Ajaykumar Bansal Zone XI, Senior Inspector Ninad Sawant and PI Vijay Madya, API D. Chauhan and his team including head Constable RS Gosavi and PC Vijay Lahange reached Dehli and caught Singh.

During the interrogation, Singh confessed to the crime and revealed the name of another accused Rajan Singh. Section 467 of IPC was added in the FIR as he used fake documents to open the account. Singh was produced before the court and has been remanded in police custody till November 26, said another officer.