Mumbai Cyber Fraud Alert: Wadala Man Loses ₹20 Lakh Worth Of Shares During Pilgrimage In Gujarat

Mumbai: In a shocking case of cybercrime, a 55-year-old man from Wadala lost nearly Rs 20 lakh worth of shares from his demat account while he was away on a pilgrimage in Gujarat. The incident came to light after the victim returned from the Narmada Parikrama and discovered that all the shares in his demat account had been fraudulently transferred.

According to reports quoting cyber police, the fraudsters orchestrated the scam by first changing the mobile number linked to the victim’s demat and CDSL accounts. They also created a fake email ID that closely resembled the victim’s original address, allowing them to manipulate account settings and gain unauthorised access, reported Lokmat Times.

How Did The Fraud Unfold?

The complainant, an office supervisor at a power company, had travelled to Gujarat in April to visit the Garudeshwar temple as part of the Narmada Parikrama pilgrimage. Upon his return to Mumbai and resuming work, he attempted to check his demat account through a mobile application and was shocked to find all 40 of his listed stocks missing.

Initially suspecting a technical error, he made several attempts to retrieve the information but received no success. When he contacted the demat service provider, he was told it could be a network issue. Even after personally visiting the office, the same explanation was provided.

However, while reviewing messages on his mobile phone, the victim discovered a text alert stating that the mobile number linked to his demat account had been changed. Since he was on a religious journey at the time, he had missed the notification. Further investigation revealed that a duplicate email address, similar to his original one, had been created and linked to the account.

Alarmed by the findings, he rushed to the demat provider’s office on April 25. There, it was confirmed that 8,669 shares across 40 different companies had been fraudulently transferred from his account. The estimated loss amounted to Rs 19.98 lakh.

Case Filed With Cyber Police

Following the complaint, cyber police registered a case under relevant sections of the Bhartiya Nyaya Sanhita for cheating and under the Information Technology Act. Cops are now investigating the source of the cyber breach and attempting to trace the perpetrators involved in the sophisticated online fraud.