India, July 1 -- The Economic Offences Wing (EOW) of the Mumbai Police has frozen the demat accounts of Purshottam Chavan, 53, husband of IPS officer Rashmi Karandikar, and his mother, Urmila, in a cheating case. The police said that out of a defrauded amount of Rs.24.78 crore, a major part of the money was invested in the name of Chavan and his mother in the share market. Police have found out that around Rs.2.63 crore was transferred to the mother's account.

"We have frozen demat accounts of Purshottam Chavan and his mother Urmila. When we arrested Chavan on May 20 in a cheating case of Rs.24.78 crore, his interrogation revealed that the money was transferred to various demat accounts and invested in share markets," said a police offic...