Mumbai police have booked three individuals for allegedly defrauding 52-year-old Parsi priest, Er. Framroze Dadi Vaccha, of shares worth ₹16.9 crore by forging documents linked to a joint demat account, as per news reports. The Economic Offences Wing (EOW) has taken over the investigation.

According to the FIR filed at Azad Maidan Police Station, Vaccha’s late maternal aunt, Homai Karkaria, who lived in Dhobi Talao, had opened a joint demat account with him in 1999. Between 2018 and 2020, accused Lohrasp, Dilbar and Atush Kalyaniwala – who were known to the family – allegedly altered KYC details, forged signatures and replaced nominee information, transferring shares of top companies like ACC Ltd, Aditya Birla Capital, Dr. Reddy’s Laboratories and Benares Hotels into their control.

Vaccha discovered the fraud in November 2024 after reviewing bank statements showing multiple unauthorized transfers. Police have registered charges of cheating, forgery and criminal breach of trust under relevant sections of the Bharatiya Nyaya Sanhita and IT Act.

Officials described the case as a calculated breach of trust within a close community circle, exposing how personal relationships can be manipulated to execute sophisticated financial crimes. The EOW is tracing the movement of the funds and verifying possible complicity by bank officials.