The Mumbai police’s Property Cell is intensifying its search for Bhupendra Mahajan Goyal, 43, accused of masterminding a high-stakes Demat fraud. Despite securing a photograph, the lack of digital or financial trails is making the manhunt challenging.
MumbaiDemat FraudBhupendra GoyalProperty CellCuffe ParadeReal Estate MumbaiJul 29, 2025
Bhupendra Mahajan Goyal is a 43-year-old accused of masterminding a high-stakes Demat fraud in Mumbai. He is alleged to have siphoned off Rs 75.99 lakh worth of shares from the bank account of a US-based tech executive by impersonating her husband.
Goyal forged multiple documents, including an Aadhaar card with a false number, a fake voter ID, a PAN card with a forged photograph and incorrect father’s name, and a lookalike email ID with a fake mobile number.
Goyal opened savings, Demat, and trading accounts in the victim’s name at the bank’s Lalbaug branch and its Cuffe Parade office. He then convinced officials that he held a power of attorney on her behalf and linked her original Demat account in Bangalore to the newly created Mumbai-based accounts.
The Bombay High Court has directed that the stolen shares be restored to the victim and frozen until further notice. The court also pulled up the police and the bank for delays in registering the case, terming it a potential insider job.
The police have circulated Goyal’s photograph and details to police departments across all states to aid in the lookout. They have also scanned CCTV footage from possible locations and are using social media and public assistance to find leads.
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