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The economic offences wing (EOW) of Mumbai police has cracked down on a fraud involving share trading through use of dormant physical shares of several listed small-cap companies.
The EOW today arrested Rakesh Dikshit, who allegedly along with few others converted dormant physical shares of thinning trade companies into dematerialised form by opening multiple fictitious demat accounts.
The amount traded in these accounts is set to be to the tune of Rs 10 crore in stocks like Global Securities, Arshiya International and DCW Ltd.
Dharmesh Singh, the master mind behind the scam is still at large, said a police official.
The official said the individuals involved in this scam opened 76 bogus accounts by creating PAN cards and other identification proof. These accounts were opened with leading brokerages such as Angel Broking, Motilal Oswal, HDFC Securities, IIFL and Sharekhan.
