Daijiworld Media Network - Kundapur (SP)
Kundapur, Dec 15: In a complaint filed in the town police station here, the director of Kharvi Shares Brokerage Limited has been accused of swindling shares worth Rs 83.9 lac standing in the name of a woman. The shares reportedly stood in the name of B Sumati Bai, residing at Beloor Shanbhag Compound near Gandhi Park here.
Sumati had purchased 4,167 shares of a company. In the demat account, she had named her son, B Vasudev Shanbhogue as the nominee. Sumati breathed her last in the year 2014. During the later days, it was found that her demat account was empty. The company did not respond to correspondence on the issue.
The complainant said that without information to the concerned, the director of the firm had withdrawn the shares standing to the account of Sumati and used Rs 83,90,005 for his personal use.
The police are investigating the case.