Demat Account Hacked, Rs 4.58 Crore Share Sold To Buy Penny Stocks: Mumbai Police Arrests Woman

Mumbai police have arrested a woman for allegedly hacking a victim's demat account to sell shares worth over Rs 4.58 crore. The funds were reportedly used to purchase low-value 'penny stocks' that are often highly volatile. The victim discovered the unauthorized transactions when the police froze the shares, which are now valued at more than Rs 2.86 crore.

This case highlights a growing cyber threat where fraudsters target demat accounts to access securities and cash. For investors, it serves as a critical reminder to secure login credentials and enable two-factor authentication. The frozen shares are currently in legal limbo, and the outcome will depend on the police investigation and the victim's insurance coverage.