ROURKELA: The Cyber Crime and Economic Offence police on Thursday arrested a former securities dealer for siphoning off Rs 14.70 lakh from the demat account of an investor.
The victim, in his police complaint, filed on September 11, said had he came in contact with Ayush Singh a year back while he worked with Axis Securities and managed his demat account. Police said on August 27 Singh had requested an OTP from the victim for registering in ‘Easy Assist’ of his demat account with the Central Depository Securities Ltd (CDSL). However, Singh changed the victim’s login credentials (email id and phone number) and transferred stocks worth Rs 14.70 lakh from the latter’s demat account to another.
Investigation revealed a former equity dealer of Indore had worked at Invenzee Buildcap Fintech Pvt. Ltd, a sub-broker franchisee of Axis Securities since May, 2023.
There he used to provide investment tips to the victim and lured him to invest in Groww app citing lower brokerage fees. He gained the trust of the victim and with recurring profits, the latter paid him Rs 1,00,000 through G Pay.
Police said due to financial losses, the victim wanted a temporary halt in stock trading. But, Singh lured and trapped him into opening a demat account with CDSL and then transferred his money to another.