The Hyderabad city police claims to have busted a gang involved in the theft of share certificates in transit.
Kingpin of the gang, T Venkat Babu, a mechanical engineer with an MBA degree and eight others have been arrested in this connection. Three others, residents of Mumbai, are to be arrested soon.
The modus operandi of the gang was to win over courier services boys, get hold of covers containing share certificates under transit to registrars of shares, prepare benami transfer deeds and subsequently sell them.
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Several thousand shares including 16,000 of Morgan Stanley, 8,500 of Mastergain, 4,300 of Reliance were siphoned off in this way by the group in the past one year.
According to the police, Venkat Babu took to crime after having lost all his money in speculative market.
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