In recent times there have been several cases also where gangs of cheats have duped investors by opening a fake bank account and fake address and get shares sold and encashed the money. Recently Lucknow, the capital of Uttar Pradesh has caught such gangs who had contacts with brokers, Mutual Funds officials or clerks, and members of NSDL and CDSL, duped lacs of shares of investors. The nexus between the gang and clerks and officials of brokers, and mutual funds officials played an important role in this episode. The whole operation of cheat was very simple. They simply get a photocopy of the initial account opening form of investors of Mutual Funds and D'Mat account holders and then get a forged bank account open in the same name and used to apply for a change of address in D'Mat and Mutual Fund and sell shares/ Units of Mutual Fund and subsequently withdraw money from a forged bank account. According to news Bank officials also helped the gang members by helping to open a forged bank account.
So I would suggest all investors of Mutual funds, and D'Mat account holders get their account statements periodically and crosscheck their details of investment and if there is any discrepancy found they should immediately contact the respective company and get it rectified. After all, it is your hard-earned money and if you are not careful then you may become a victim of such fraud.
So I would suggest all investors of Mutual funds, and D'Mat account holders get their account statements periodically and crosscheck their details of investment and if there is any discrepancy found they should immediately contact the respective company and get it rectified. After all, it is your hard-earned money and if you are not careful then you may become a victim of such fraud.
