Group Accused of Duping Indian Pharma Trader with Fake LC

Six owners and associates of Prizam Alliance Pvt Ltd. of Surat, India, are under investigation by the Economic Crime Prevention Branch of Ahmedabad, India, for allegedly cheating an Ahmedabad-based pharmaceutical raw material trader of more than INR 8.54 crore (USD 968,000) through a bogus letter of credit and a fabricated demat account portfolio. Demat, short for dematerialization, is the process of converting physical security certificates into electronic form.