Ludhiana: Man arrested for withdrawing 49 lakhs from mutual fund accounts by making fake death certificates
Sheeshpal Singh, a senior official of HDFC Bank in Ludhiana, lodged a complaint with the police against Sandeep Singh.Author : Sukhmani Kaur
Ludhiana police have arrested a man for making fake death certificates of those who had invested in mutual funds and withdrawing Rs 49 lakh from them. The accused is Sandeep Singh, a resident of Bhai Randhip Singh Nagar, Ludhiana. Sandeep himself works in the Feroze Gandhi Market Branch of HDFC Mutual Fund in Ludhiana.
Sheeshpal Singh, a senior official of HDFC Bank in Ludhiana, lodged a complaint with the police against Sandeep Singh. A case has been registered against him in Ludhiana’s Division No. 5 police station. Ludhiana CIA-1 Inspector Rajesh Sharma on Tuesday raided and arrested Sandeep Singh.
According to a complaint lodged with the police, Sandeep Singh used to make fake death certificates of those who had invested in the mutual fund and withdraw their money. He has so far withdrawn Rs 49 lakh from various people’s accounts. So far, 98 people have come before the police. Police are searching for two more accused.
As an employee of a mutual fund company, Sandeep Singh knew all the accounts which were either not transacting for a long time or which were not operative for a long time. Sandeep also knew almost all the clients. So he used to fraudulently obtain fake death certificates from people and withdraw money from their accounts. Sandeep Singh will be produced in court tomorrow and remanded so that the exact amount of the scam and the list of victims of his scam can be ascertained.
It is suspected that Sandeep Singh and many others were involved in this whole mess. From making fake death certificates to transferring or withdrawing the company's money to other bank accounts without the knowledge of the people concerned, the whole game is beyond the reach of a single man.
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In this case, in the initial press brief, the amount of fraud was stated to be Rs 49 crore. It was later said that 49 lakh was read as 49 crore due to typing mistake. According to the FIR of the case, this case is worth Rs 49 lakh.