Wadala Crime: Man Loses INR 19 Lakh In Share Transfer

In a surprising Wadala crime, a man has lost more than INR 19 Lakh after more than 8,000 of his shares were transferred, allegedly without authorisation, to another demat account. According to the FIR, the man moved his late father’s shares to his Demat account and then left for a religious procession.

When he returned, he found out that his demat account was empty and contacted the app that he had traded on. The customer care told him a couple of times that there could be a network issue. Later, they also had him uninstall and reinstall the app.

Later, the victim found out that the email ID and the phone number associated with his account were changed without his permission, and that followed the transfer of shares from one account to another.

While the FIR is detailed, some aspects are unclear, raising several questions. The victim alleges that the associated e-mail and phone number were changed—actions that should require multiple security steps. How the criminals bypassed these steps is a mystery that could be the key to the solution.

According to the victim, he received messages about both these changes, but he couldn’t read them because he was busy in a religious procession.

There are multiple questions about this Wadala Crime

• How did the criminals get to know personal information like the victim’s phone number and e-mail?
• What prompted the criminals to be audacious enough to change the account’s email and phone number when they knew an alert would go to the victim?

This is also one of the rare crimes in which the victim seems to have absolutely no role in the modus operandi. In several cases, we have seen that the victim unwittingly transfers money or is duped into installing a fake app. But according to the FIR, nothing of that sort has happened in this case, making it all the more curious.

We are sure the investigation will unravel answers to all these questions and bring the criminals to book.

The Vigilant Blog

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