Mumbai: The Economic Offences Wing of Mumbai Police has arrested the director of a stock broking firm who allegedly opened fictitious accounts and siphoned off shares of various clients without their knowledge, cheating the clients and the firm to the tune of Rs 20 crore.
The accused, Mahavir Motilal Toshniwal, 52, of Pentagon Stock Brokers Private Limited. Toshniwal, his wife, Deepa, and a few others have been booked under the IPC sections for cheating, forgery and breach of trust and criminal conspiracy.
Madhu Lunawat, the majority shareholder of Pentagon Stock Broker Private Ltd, has filed a complaint with the BKC police station in this regard.
According to the complaint, Toshniwal raised loans and illegally pledged shares of Pentagon’s clients, including Lunawat’s, as security.
Source: https://timesofindia.indiatimes.com/city/mumbai/mumbai-brokerage-firm-boss-held-for-rs-20-cr-fraud/articleshow/86569719.cms
