A broker from Surat has been accused of orchestrating a massive scam in the share market by opening over 331 fake demat accounts. This fraudulent operation reportedly involved transactions totaling ₹2.20 crore, with the broker allegedly pocketing ₹55 lakh in commission fees.

The accused, identified as Kishan Soni, had registered with a trading company based in Ahmedabad, led by state head Gunjan Choksi. 

This company facilitates the opening of demat accounts through its application and employs various agents for account registration. Soni was reportedly offered a 40% commission for each new account opened under his introduction.

An investigation into Soni’s activities revealed that he had assisted in the opening of 432 demat accounts, of which 331 exhibited suspicious transactions. Notably, approximately ₹70,000 was debited from each of these accounts, contributing to the staggering total of ₹2.20 crore. 

He had also taken a commission of ₹55 lakhs for opening the 432 demat accounts.

Further scrutiny on the accounts uncovered that Soni had also benefited from option trading using the gift shares received by account holders. 

It was discovered that he had opened the fake accounts using forged documents, including fabricated income tax returns generated from an online website.

In light of these findings, a complaint has been lodged with the Criminal Investigation Department (CID) Crime Branch, which is now actively investigating the case. 

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