Man held by Mumbai Police with help of New Market PS

Kolkata: A man was arrested from the New Market area on Tuesday night by the Mumbai Police in connection with a multi-crore scam to withdraw money from several demat accounts which were either not used for a long period or the account holder died.

According to sources, the accused identified as Chetan Bhupendra Shaw is allegedly the mastermind of a racket that forges documents of dead persons to withdraw the money.

According to the system, if any person involved in stock market share trading dies or does not use the demat account for a long period, the same becomes unserviceable. If there is some amount of money found in that account, then Securities and Exchange Board of India (SEBI) advertises to find the family members of the account holder.

The fraudsters first identify such advertisements and then manufacture several documents like death certificate, identity of the family member and even open bank accounts using the forged papers. Later, they apply and submit the forged documents to get the money. After several such incidents took place, Mumbai Police received many complaints which are worth about Rs 14.11 crore. During the probe, cops found that the racket led by Shaw is the mastermind and recovered about Rs 2 crore from the accused person’s bank account.

Later, Shaw fled to Kolkata and took shelter in the New Market area. Mumbai Police recently came to know about Shaw’s location and came to Kolkata. Shaw was arrested on Tuesday night with the help of New Market Police Station (PS) and taken to Mumbai on Wednesday.