Mumbai Police arrest the chain-snatching accountant

Representational image. Pic/iStock

The Mumbai police arrested an accountant who had suffered huge losses in stock trading and took to a life of crime to repay his debts. The police arrested the 25-year-old man for allegedly snatching a chain from a 60-year-old-woman near VIBGYOR school in Indra Nagar, Goregaon West, on
Sunday afternoon.

"The victim, a resident of Motilal Nagar in Goregaon West, was returning home from the market at 11.45 am. As she reached the furniture market near VIBGYOR school on Link Road, the accused who approached from behind swiftly snatched her gold chain and fled," said a police officer. The woman did cry out, ‘chor, chor', however, the thief had fled before the public could respond and come to her aid. The woman immediately informed the Bangur Nagar police leading to lodging of an FIR.

Assistant police inspector (API) Rahul Bhadarge and API S V Sarolkar, along with the members of the detection team, examined CCTV footage from various locations and ultimately traced the accused to the Indra Nagar area.

With the assistance of a local informant, the police apprehended the accused late in the night. Subsequently, he was arrested and presented before the Borivali Metropolitan Magistrate court. The court remanded him to police custody until November 24, said a police officer.

In the police custody, the accused revealed that he was an accountant employed by a multinational private limited company. He lived with his mother and was the sole breadwinner of the family. He suffered losses to the tune of R17 lakh from trading in stocks over the past two to three years. As he had borrowed the money for the trading in stocks, the lenders were demanding repayment. Although he had returned R5 lakh to a few lenders, other lenders were persistently demanding their money back. In a bid to repay his debt, he then resorted to crime.

Rs 17
Lakh loss suffered in share trading

Rs 40K
Value of chain snatched