₹35 Crore Scam: Mumbai Man Duped for 4 Years by Brokerage Firm
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{ "title": "₹35 Crore Scam: Mumbai Man Duped for 4 Years by Brokerage Firm", "article": "A 72-year-old Mumbai resident, Bharat Harakchand Shah, has lost ₹35 crore to a long-running trading scam. The alleged deception unfolded over four years, from 2020 to 2024, at the hands of a brokerage firm that exploited Shah's limited knowledge of the stock market. Shah, who runs a modest guest house for cancer patients in Mumbai's Parel area, inherited a stock portfolio after his father's death in 1984. He and his wife had never actively traded their shares, but on a friend's recommendation, they opened Demat and trading accounts in 2020. Initially, the brokerage firm maintained regular contact with Shah, reassuring him that no extra investment was needed and that their shares would be safely used as collateral for trading. However, the firm's employees, Akshay Baria and Karan Siroya, soon gained control of Shah's accounts. They would visit his home, send emails from their devices, and obtain sensitive information, including OTPs. Shah was only provided with selective updates, which masked the true extent of the trading activity. The firm's employees used Shah's account to make unauthorized trades, including circular trades, which resulted in massive losses. When Shah received an annual statement in 2024, he was shocked to learn that his account had a debit balance of ₹35 crore. After visiting the brokerage firm, he discovered that the employees had responded to multiple notices from the National Stock Exchange in his name without his knowledge. Shah has filed an FIR with the Varanai police station, and a case has been registered. Further investigation is underway to unravel the scale of the deception and hold the perpetrators accountable. "
