The Dadar police have booked an employee of Motilal Oswal Financial Services Ltd for fraudulently diverting Rs 1.58 crore from the dormant Demat account of a senior citizen by manipulating her account details.

The complaint was registered by Tushar Padwal, legal manager of Motilal Oswal Financial Services, against the accused identified as Gaurang Mandalia. According to Padwal, as mentioned in the FIR (mid-day has a copy), Mandalia allegedly forged documents and submitted fraudulently modified forms between August 23, 2024, and January 10, 2025, manipulating the account of the victim by impersonating her.