India, May 9 -- A former employee of Motilal Oswal Financial Services Ltd was arrested by the Dadar police on Wednesday for allegedly siphoning off around Rs.1.58 crore from the demat account of a customer by changing the e-mail id, bank account and mobile number linked with the account.

According to the police, the arrested accused, 31-year-old Gaurang Mandalia, had joined the financial services firm in May 2021. He was employed in the firm's operations department and worked on quarterly payment settlement till he was terminated following the registration of a first information report (FIR) against him last month.

"The accused was produced in court today and has been remanded in police custody for three days," a police officer aware of...