Gujarat Man Fraudulently Transfers Shares Worth Rs 24 Lakh In His Name: Cops

The Mumbai police's Economic Offences Wing (EOW) has arrested a resident of Ahmedabad for allegedly fraudulently transferring equity shares worth about Rs 24 lakh, belonging to another man, in his name, an official said here on Sunday.

Accused Vikram Shankarlal Shah took advantage of the similarities between his name and that of Mumbai-based businessman Vikram Subhashchandra Shah to commit the alleged crime, the official said.

The complainant, who lives in Mumbai's Borivali area, held 6,430 shares of Sa Re Ga Ma India Limited in physical form since 1999. The shares are now worth Rs 23.85 lakh, the official said.

In 2021, the complainant tried to move the shares to his demat account, which is in electronic form. However, he learnt that someone had already staked a claim over the shares.

The complainant first reported the matter through SEBI SCORES, which is a web-based centralised grievance redressal system of the market regulator.

In the subsequent inquiry, it was found that Ahmedabad resident Vikram Shankarlal Shah had got the shares transferred in his name.

Taking advantage of similar names, the accused prepared a forged death certificate of the actual shareholder and made a false affidavit to get the shares transferred in his name, said the EOW official.

The EOW arrested the accused from Ahmedabad on Thursday and brought him to Mumbai. A case has been registered against him under Indian Penal Code section 420 (cheating), the official added. 

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