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dna exclusive: Four held for cheating mutual fund investment firm of Rs10.8 lakh

Thursday, 22 May 2014 - 7:15am IST | Agency: dna

A gang of four people were arrested by the Borivli police for allegedly cheating a mutual fund investment company (UTI) of Rs10.79 lakh after duplicating the documents of a Dubai-based girl.

The operation was carefully planned out by the main accused, Amjad alias Samir Khan (26), over a period of two years when he was working for the call centre of UTI Mutual Fund in Borivli in 2012.

Khan stole the data of a lot of account holders of the company using fake PAN card and kept a check on the activities of each account. He also learnt how to transfer and withdraw cash from each account. Khan learnt that Jilian Maria Korea, a resident of Dubai, had invested a few units to the tune of Rs 2.86 lakh in 2000 in the name of her 10-year-old daughter Jade Candice under Children's Career Plan. G Ghadke, police inspector of the Borivli police, said, "Khan observed that the amount had matured by 2012 to Rs10.79 lakh. He decided to prepare fake documents in the name of the girl and withdraw the sum. Since the girl became a major, there was a provision by which the documents had to be changed to indicate the transition from a minor's account to a major's account after which the amount can be withdrawn. He used two other accused, Deepa Mishra (33), and Jayshri Patel (44) for impersonation and forging," added Ghadke.

Meanwhile, Khan left his job at the call centre.

Khan prepared fake documents, voting card and PAN card in the name of Candice using Deepa's signatures and photographs. Patel's signature and photos were used to indicate Candice's mother. After producing the fake documents, they received a bank verification letter. On March 3, after the company received a forged letter in the name of Candice requesting for the transfer of the amount, the company transferred the amount online to the fake SBI account in Borivli, created by the accused.

On March 13, the amount was withdrawn by the three accused. A fourth accused, Rajiv singh (38), who helped in forging the documents, was also arrested,

The incident came to light when the girl inquired with the company about the account earlier this month. The company informed her that it was transferred based on her request. When the amount was not visible in the bank account also, a complaint was registered by the UTI Mutual Fund with the Borivli police. After investigations and checking the forged documents, the four were arrested last week.

"The main accused has managed to steal the data of many account holders. We believe he has cheated many more people in this manner. Investigations are on," added Ghadke.

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