India, April 15 -- An employee of Motilal Oswal Financial Services Limited has been booked for allegedly siphoning off Rs.1.58 crore from the demat account of a customer by changing the associated e-mail id, bank account and mobile number.

The accused, 31-year-old Gaurang Mandalia, had joined Motilal Oswal in May 2021. He was employed in the firm's operations department and worked on Quarterly Payment Settlement.

The fraud came to light after a senior citizen who had opened a demat account with the firm in 2016 approached them, saying her shares were not visible in her account. While the account was declared dormant in July 2023 owing to lack of activity, the e-mail id, bank account and mobile number associated with the account were mod...