Pune EOW Investigates Rs 13 Crore Share Trading Fraud
The Economic Offences Wing (EOW) of the Pune police has officially registered a significant financial fraud case on Monday, targeting four employees of a prominent share broking firm. The accused are alleged to have systematically cheated a city-based chartered accountant out of a staggering Rs 13 crore over a period of one year, starting from January 2025.
Complaint and Investigation Details
A 37-year-old officer from the share trading company, who resides in Dadar, Mumbai, filed a formal police complaint on Monday against the employees, who hail from Rajasthan. Following this, the EOW registered the case with the Deccan Gymkhana police station and has taken charge of the investigation. Assistant inspector Sagar Janrao of the EOW is leading the probe into this high-value financial crime.
According to Janrao, "The suspects were employed at the share trading firm's Pune office located on Prabhat Road. The victim, a chartered accountant, discovered the fraud in January this year while reviewing his demat account and immediately raised a complaint with the company. The firm conducted an internal inquiry and identified its employees as the perpetrators. They are currently on the run."
Modus Operandi of the Fraud
Police investigations reveal that the suspects were responsible for managing several demat accounts belonging to the company's clients. Their duties included maintaining equity portfolios by purchasing shares on behalf of these clients. The FIR details that the four employees also handled the chartered accountant's demat account, giving them complete access to its sensitive details.
Janrao explained further, "Whenever the chartered accountant transferred money to the broking company for investment purposes, the funds would be routed through these suspects. Instead of legitimately investing the money through the victim's demat account, the suspects allegedly diverted it for their own personal benefit."
He added, "The chartered accountant had shares valued at crores in his account. The four suspects systematically emptied this account as well. They later transferred the stolen money to various bank accounts and fled the scene, evading authorities."
Broader Implications and Ongoing Efforts
This case highlights critical vulnerabilities in financial systems and underscores the importance of robust internal controls within broking firms. The EOW is now intensifying its efforts to track down the fugitive employees and recover the embezzled funds. The investigation is ongoing, with authorities examining digital trails and financial transactions to build a strong case against the accused.
The Economic Offences Wing urges other potential victims or witnesses to come forward with any relevant information to assist in this complex investigation.
