Anand Rathi Share & Stock Brokers Uncovers ₹130 Million Fraud in Off-Market Share Transfers

Anand Rathi Share and Stock Brokers Ltd announced that its internal committee has uncovered a fraudulent off-market transfer of shares amounting to ₹130 million. The investigation revealed that unknown individuals, along with certain employees of the company’s IT division, were involved in executing the unauthorized transactions.

The company has taken immediate steps to strengthen internal controls and ensure compliance with regulatory standards. Authorities have been notified, and further investigations are underway to identify all parties involved and recover losses.

Key Highlights:

• Fraud Amount: Off-market share transfers worth ₹130 million identified.
• Committee Findings: Involvement of unknown individuals and certain IT employees.
• Corrective Action: Strengthening internal systems and compliance frameworks.
• Regulatory Cooperation: Company working with regulators to address the issue.
• Future Outlook: Enhanced monitoring to prevent recurrence of such incidents.

The incident underscores the importance of robust internal checks in financial institutions. Anand Rathi Share and Stock Brokers has assured stakeholders of transparency and accountability as investigations progress.

Sources: Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Economic Times, Mint, Business Standard