Deputy Commissioner, Jawed Shamim said 26-year-old Siddhartha Daga, had hacked into Arunava Chakraborty's online trading account with the firm on Aug 6 and short sold a particular scrip through the day at various price levels.
Shammim said, "He had traded illegally. Due to him, Chakraborty suffered a net loss of Rs 46 lakh. Daga personally gained a part of the money." He also said, "He gained with 20,000 shares of the scrip in his own trading account with another firm."
According to police, Chakraborty grew suspicious when he could not log on to his account and learnt illegal transaction after contacting other top officials of Indiabulls. He then filed a complaint at the Bhowanipore police station and the case was later transferred to the detective department.