Agent siphons off shares worth Rs 12L

Vadodara: A resident of Karodiya village has registered a case of cheating against an agent for siphoning off shares worth Rs12.25 lakh which he held in private companies. Bharat Parmar told the Jawaharnagar police that accused Rajnikant Panchal transferred the shares in his own name.
Parmar said that his demat account in a private sharing trading firm closed down in 2013. The accused approached Parmar in 2015 and asked him to start an account in Master Capital Services and transfer his shares there. Panchal later told Parmar to transfer his shares in yet another share trading firm, Angel Broking Private Ltd, and also took his signatures on a paper.
However, when he asked Panchal to give details and statements of shares transfer, the acccused kept dilly-dallying. Parmar then said he wanted to sell off his shares and the accused said that the shares had already been sold but that the money had not been transferred in his account as it was offline. Parmar then visited the Angel Broking Pvt Ltd’s office, where he learnt that the accused had started the demat account in his own name and not in Parmar’s name.
The complainant approached police when Panchal neither returned the shares nor paid him any money.tnn