India, Nov. 10 -- A 76-year-old South Mumbai businessman allegedly lost shares worth Rs.4.58 crore after a woman gained control of his demat account, sold his existing investments and used the proceeds to buy penny stocks that are now virtually impossible to sell. The South Cyber police have arrested a manager with a leading stockbroking firm for allegedly helping her execute the transactions.

The accused, identified as Nitesh Singh, allegedly facilitated the purchase of the penny stocks in return for a commission. The police had earlier arrested the woman, Pusha Bind, a share market adviser from Kandivali, who allegedly orchestrated the fraud.

The complainant, a resident of Breach Candy Road, approached the South Cyber police after dis...