MUMBAI, Nov. 10 -- A 76-year-old South Mumbai businessman lost shares worth Rs.4.58 crore after a share market adviser from Kandivali, Pushpa Bind, fraudulently took over his demat account. South Cyber police arrested Bind along with Nitesh Singh, a manager at a leading stockbroking firm, who allegedly facilitated the fraud for a commission. The complainant, residing on Breach Candy Road, realised his portfolio was wiped out without his consent. Bind had previously obtained his demat account details and attempted to convince him to switch brokerage firms. When he refused, she fraudulently procured a SIM card registered in his name that was previously linked to his account. Using control over the mobile number, she received OTPs, reset his account passwords, and liquidated his existing portfolio without his knowledge. Bind and Singh then redirected the proceeds into thinly traded, low-priced penny stocks, earning commissions by dumping these holdings into the victim's portfolio. Police intervened by contacting the NSE and BSE to freeze pending transactions, successfully recovering Rs.2.86 crore. However, the remaining funds remain locked in penny stocks that have crashed in value and cannot be liquidated due to a total lack of buyers. DCP Bajrang Bansode and Senior PI Nandkumar Gopale confirmed the arrests and recovery. Investigators revealed that Bind, a former stockbroking employee who was forced to resign, is also facing charges in two separate cheating cases involving Rs.3 crore in Santacruz and Rs.1.2 crore at Azad Maidan....