LUDHIANA: A mutual fund distributor allegedly siphoned off at least Rs 48.98 lakh from the accounts of 91 investors by submitting their forged death certificates. An FIR has been lodged against Sandeep Singh of BRS Nagar.
Sheeshpal Singh, employee of Kfin Technologies, Feroze Gandhi Market, submitted a written complaint with director general of police V K Bhawra, following which a case was registered against the accused on Monday.
Sheeshpal Singh said that Sandeep was an authorised mutual fund distributor.
While checking investors’ accounts, he found that money had been withdrawn from the mutual fund accounts of several people.
On conducting inquiries, he claimed to have found that the accused identified investors who died and used forged death certificates of the account holders’ names to withdraw the money. He alleged that the accused had embezzled around Rs 48.98 lakh this way.
Inspector Rajesh Kumar, in-charge, CIA-1, said that a case was registered immediately after receiving the complaint under sections 420 (cheating), 465 (punishment for forgery), 467 (forgery of valuable, security or will etc), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document) of IPC at division number 5 police station. The accused has been arrested.
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