Demat fraud: 3 arrested for duping group of docs

New Delhi: The Delhi Police Economic Offences Wing has arrested three persons in connection with allegedly duping a group of doctors and earning huge brokerage money fraudulently by unauthorizedly trading in their Demat accounts, causing them a loss of around Rs 3.60 crore.

In their complaint to police, one Dr Anmol Maria and several other doctors alleged that as many as seven accused persons lured them to open their Demat and trading accounts at Master Capital Services Pvt. Ltd. (MCSL).

During November 2015, the complainants shifted their share holdings worth Rs 8.52 crore to the company.

"The accused persons started trading unauthorizedly and put their money in wrongful loss to the tune of more than Rs 3.60 crore approx," police said

"The accused persons earned huge brokerage from this unauthorized trading and also fraudulently appointed the complainant a sub-broker by forging his signatures," ACP (EOW) RK Singh said.

As per police, investigation into the case allegedly revealed that the accused persons had clandestinely fudged the e-mail sent to the complainants regarding their trades by removing the entries showing "Penal Interest Charges" and kept on trading by false assurance of huge profits in the future.