Mumbai Police Arrest Woman Over Rs 4.58 Crore Demat Account Fraud

Mumbai Police have arrested a woman accused of hacking into a demat account and fraudulently selling shares valued at Rs 4.58 crore belonging to a Gamdevi-based businessman. The accused, identified as Pushpa Bind, is alleged to have made unauthorized transactions after gaining access to the victim's trading account.

Investigators said Bind first made contact with the businessman on August 10, offering investment advice and recommending shares that she claimed would yield significant returns. Exploiting this initial contact, the accused subsequently gained unauthorized access to the victim's demat account and executed a series of share sales without his knowledge or consent.

The fraud came to light when the businessman reviewed his account statements and discovered the unauthorized transactions. The swift action by the victim in reporting the matter to authorities enabled police to trace and apprehend the accused. Investigators are examining whether additional victims exist and whether Bind acted alone or as part of a larger fraud network targeting retail investors through similar social engineering tactics.

The case highlights growing concerns about demat account security and the risks posed by fraudsters posing as investment advisors. Police have urged investors to strengthen their account security measures and remain cautious when receiving unsolicited investment recommendations.