CNN-IBN

Mumbai, Jun 24: About 30 investors in Guntur, Andhra Pradesh, were in for a shock when they discovered their shares had vanished from their depository accounts after a franchisee of Unit Trust of India (UTI) securities decamped with them.

The National Securities Depository Ltd. (NSDL) has launched a probe into the matter.

The FIR was registered against K V Tilak who has been accused of cheating people of crores of rupees by allegedly transferring shares from demat accounts by forging signatures on delivery instruction slips.

“Handwriting experts are looking into the matter. The chargesheet will be filed in the concerned court soon,” a police inspector in Guntur, P Sambaiah said.

Tilak is currently out on bail. But NSDL has decided to crack down on the matter and has demanded more information from UTI securities. Its officials have also travelled down to Guntur to meet the investors.

“The penalty is on the DP. If found guilty we will take stern action,” executive director, NSDL, Gagan Rai said.

But the investors are furious, they say that UTI securities needs to take onus for the scam.

In an e-mail response, UTI securities clarified its stand saying, “It has been providing all documents to the police for the investigation and have verified signatures on delivery instruction slips by external experts who have confirmed signatures were made by the clients themselves.”