Published On : Mon, Jul 21st, 2014

Youth fraudulently transfers shares

Employee of Co-operative Society commits fraud

Representational pic

Representational pic

Nagpur News: Youth seem to be using all their knowledge to commit various acts of fraud. The Cloning of Debit Card had not died down when a youth had convinced a person and fraudulently transferred the shares into his own account. This economical offence has been committed in Hudkeshwar area.

According to Police sources, the accused who is a resident of Surveyor Cooperative Society Narsala Road Parag Sheshrao Raut had acquaintance with the complainant Keshav Baliram Hole aged 59 years and a resident of Mahaxmi Nagar, Manewada Road.

Taking advantage of his acquaintance with the complainant, the accused had somehow got the complainant to transfer the shares worth Rs 3 lakhs thirty thousand of SBI Cap Security Company into his own account.

The complainant never realized the fraud.

After some days, the accused had asked the complainant to open the account in the shares of Reiki Gear and Infinity Global Company.  In this deal, the complainant had to incur a loss of Rs. 10,500/-.

The accused had caused a total loss of Rs 3, 40,500/- to the complainant while he himself earned a lot of money in the bargain. The complainant lodged a complaint with the Hudkeshwar Police Station. On the basis of the complaint of the Complainant, the Hudkeshwar Police has registered a case of fraud under section 420 of IPC against the accused Parag who has been deceiving the complainant for the last two years and started the investigations.