India, Nov. 5 -- A 33-year-old woman working at a share trading firm has been arrested for allegedly selling shares worth Rs.4.58 crore from a 76-year-old businessman's demat account and replacing them with penny stocks without his consent. The South Cyber police said she allegedly gained access to his registered email account to obtain the one-time passwords needed to trade in his account.

The accused, Pushpa Bind, allegedly contacted the Gamdevi-based businessman on August 10 and persuaded him to invest in certain shares, claiming they would be profitable. She then allegedly obtained his demat account credentials and password and sold shares from his portfolio to buy penny stocks.

According to Bajrang Bansode, deputy commissioner of p...