Two arrested for Rs 7.76 lakh online share trading fraud

MUMBAI: Two persons including a third year MBBS student were arrested for allegedly hacking the accounts of persons dealing in shares and withdrawing lakhs of rupees, police said on Sunday.

Accused Ashish Kumar Dubey (26), the MBBS student, was recently arrested from Uttar Pradesh and he is alleged to have syphoned off Rs 7.76 lakh in an online share trading fraud.

Earlier, his Mumbai based associate Tejas Ahuja (22), an independent adviser dealing in the shares, was arrested in the last week of August here. He led the police to Dubey in UP.

Dubey, who started hacking during last two years, ran out of luck when Prakash Ganglani, who runs Angel Broking Ltd in suburban Andheri, found misappropriation in the accounts of at least six of its customers and lodged a complaint with police.

Investigations led to Ahuja, who used to trade from cyber cafes. He said that he first hacked into the account of Ali Hussain, a share trader of Angel Broking.

"After hacking into the account, he sold 10,800 shares of Ali for five paise to himself. Subsequently he sold the same units of shares to Ali for Rs 57 each," said senior inspector Pradeep Suryavanshi, MIDC police station.