Crime
Mumbai: 72-year-old Man Loses ₹35 Crore In Massive Trading Fraud, Alleges Brokerage Firm Misused Wife’s Account
Mumbai: A 72-year-old Mumbai resident has alleged that he lost an astonishing Rs 35 crore in a trading scam that spanned four years. Bharat Harakchand Shah, who lives in Matunga West, claims that Globe Capital Market Limited conducted unauthorised trades using his wife’s account, eventually leaving him with a massive debt he never knew existed.
Shah, who runs a low-rent guest house for cancer patients in Parel along with his wife, inherited a share portfolio from his father in 1984. With no understanding of stock markets, the couple never traded actively and kept their holdings untouched for decades.
The alleged fraud began in 2020. Following a recommendation from a friend, Shah opened Demat and trading accounts for himself and his wife with Globe Capital Market Limited, transferring the inherited shares to the brokerage.
At first, the arrangement seemed simple. Representatives from the firm contacted him regularly, assuring him that no additional investments were required and that the inherited shares could be safely used as collateral. Shah was told he would receive “personal guides” to help navigate the process.
Two company employees, identified as Akshay Baria and Karan Siroya, were assigned to manage his portfolio. According to the FIR, this was when they allegedly took full control of the couple’s accounts.
Shah said the two employees initially called every day, advising him on which orders to place. Soon, they began making home visits and even sent emails through their own laptops. He was instructed to share every OTP, open every SMS and email, and grant all permissions.
Believing he was following official instructions, Shah unknowingly allowed the firm to operate freely. He remained unaware that extensive trades were being conducted in his and his wife’s names.
Between March 2020 and June 2024, Shah received annual statements showing consistent profits. With nothing amiss on paper, he had no reason to doubt the firm’s actions.
Everything changed in July 2024 when Globe Capital’s Risk Management Department called him, informing him that he and his wife owed Rs 35 crore due to a large debit balance. He was warned that his shares would be sold immediately if the amount was not paid.
Distressed, Shah visited the firm’s office where he learned for the first time that unauthorised trades, including circular trading, had caused his portfolio to collapse. Shares worth crores had already been sold.
Fearful of losing his remaining assets, Shah sold the leftover shares and cleared the entire Rs 35 crore debt. He later transferred the remaining holdings to a different brokerage.
When he downloaded the original transaction statements from the company’s website, Shah noticed major discrepancies compared to the profit statements emailed to him for four years. He also discovered that the brokerage had responded to multiple NSE notices using his name—without ever informing him.
“For four years, the company presented us with a false picture, while the actual losses continued to mount,” Shah said.
Shah filed an FIR at the Vanrai police station. The case, registered under IPC sections 409 (Criminal Breach of Trust) and 420 (Cheating), has now been handed over to the Mumbai Police’s Economic Offences Wing for a detailed probe.
He has described the episode as an “organised financial fraud”, hoping the investigation will uncover how such large-scale unauthorised trading went unnoticed for years.
Crime
Deported narco-trafficking kingpin Navpreet Singh sent to 10-day police custody

New Delhi, Oct 3: A Delhi court on Saturday remanded alleged international narcotics trafficking accused Navpreet Singh to 10 days of police custody after he was deported from Turkey and brought back to India in connection with a major drug trafficking case.
Singh was produced before the Rouse Avenue Court in New Delhi following his deportation from Turkey, where he was allegedly living under the identity of Navab Virk.
Seeking his custodial remand, the police said that his questioning was required as part of the ongoing investigation into the alleged international narcotics trafficking network and to ascertain the role of other accused and the wider network.
However, the defence opposed the police remand plea, saying that there was no need for further custodial interrogation.
Advocate Asgar Khan, appearing for Singh, told the court that the police had already recorded his statement while he was in custody and that further investigation could proceed on the basis of the statement.
“We presented our arguments against the police remand before the court, but the court granted it,” Khan told media.
Navpreet Singh has been accused by investigating agencies of being linked to an international drug trafficking network allegedly operating between Afghanistan, India and Turkey.
According to the investigation, Singh was allegedly operating as a key handler of the network from Turkey and was accused of facilitating the trafficking of heroin and methamphetamine from Afghanistan to India.
His name had also surfaced in connection with a major narcotics case that came to light in Delhi in 2021, in which investigators recorded the recovery of around 355.5 kg of heroin from the accused persons.
Investigating agencies have claimed that Singh used the identity “Navab Virk” and obtained Turkish citizenship under the assumed identity while continuing to operate the alleged narcotics network.
Union Home Minister Amit Shah on Saturday described Singh’s deportation from Turkey as a “historic milestone” for the Narendra Modi-led Union government.
In a post on social media platform X, Home Minister Shah said that Singh had obtained Turkish citizenship under the alleged fake identity of Navab Virk and continued to smuggle heroin and methamphetamine to India from Afghanistan.
“Our agencies tracked him down, ripping apart veil after veil to unmask his true identity, and secured his deportation. Today he has been brought back to India and put behind bars in connection with cases involving drug trafficking and other crimes he is accused of. Congratulations to all the agencies for this success,” the Union Minister added.
Union Minister Shah also said that the Central government was committed to destroying every narco-cartel before December 2029.
The Ministry of Home Affairs said Singh’s deportation was part of the Centre’s efforts to bring back fugitives involved in serious criminal cases.
The development comes months after suspected drug trafficker Mohammad Salim Dola was brought back to India from Turkey.
Earlier, fugitive Prabhdeep Singh was also brought back from Azerbaijan in connection with a major narcotics case involving the recovery of a large quantity of heroin.
The investigation against Navpreet Singh and other accused is underway.
Crime
CBI books Mumbai firm, officials in Rs 93.44 crore loan fraud case

Mumbai, Oct 3: The Central Bureau of Investigation (CBI) conducted searches at multiple premises in Mumbai and registered a Rs 93.44 crore bank fraud case against officials of Hanjer Biotech Energies on the complaint of Punjab National Bank, an official said on Saturday.
The CBI conducted searches on Friday at multiple premises linked to the directors of Hanjer Biotech Energies in Mumbai, the CBI said in a statement.
The CBI registered the instant case on September 30, 2026, on the complaint of Punjab National Bank, SAM Branch, Mumbai, against Hanjer Biotech Energies, its directors and guarantors, unknown public servants and unknown private persons.
The accused were booked for offences of criminal conspiracy for cheating and offences under the Prevention of Corruption Act, resulting in alleged wrongful loss of approximately Rs 93.44 Crore to the bank.
It was alleged that the accused entered into a criminal conspiracy, obtained term loan of Rs 135 crore on the invoices of its related party and diverted/siphoned off the funds for other purposes for which it was not sanctioned, causing loss to the bank, the CBI said.
During the searches on Friday, incriminating bank documents and property documents relevant to the investigation were recovered and seized.
Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds, the CBI said.
In a separate case on Friday, the CBI arrested an Executive Engineer of the Central Public Works Department (CPWD), Mumbai, his relative and three officials of a Mumbai-based real estate group, in a Rs 50 lakh bribery case related to the issuance of a No-Objection Certificate (NOC) for a land parcel.
Vikrant Verma, Executive Engineer, CPWD Mumbai; Saurav Gupta, Verma’s relative based in Pune; and Arvind Semwal, Vice President, Baya Company, were among those named in the FIR by the Central Bureau of Investigation (CBI) on Thursday, an official said.
The arrested accused were produced before the Special CBI Judge in Mumbai on Friday, the official said in a statement.
Crime
Haji Salim’s drug network runs out of routes as India tightens coastal surveillance

New Delhi, Oct 3: The Rs 3,000-crore drug bust off the Lakshadweep Islands early this week has dealt a major blow to the Haji Salim network, but the bigger challenge for the alleged Inter Services Intelligence-backed syndicate is the shrinking availability of viable maritime routes into India.
Intensified coastal surveillance and heightened security have made traditional landing points increasingly difficult to use, forcing the network to shift routes, take greater risks, and search for new entry points for moving large consignments of narcotics.
Five Pakistani nationals operating the vessel were arrested, and 400 kg of methamphetamine and 126 kg of high-grade drugs worth over Rs 3,000 crore were seized during the operation by the Indian Coast Guard (ICG) and Gujarat Anti-Terrorism Squad.
An official said that the investigations show that the consignment was intended to land in Tamil Nadu, following which it was to be smuggled into international markets.
“Haji Salim, a Dawood Ibrahim aide, is in charge of narcotic smuggling into the southern states. From there it is taken to Sri Lanka and to countries such as Thailand,” the official said.
For the Haji Salim, the seizure of such a massive consignment is no doubt a setback, but the bigger worry for the syndicate is that it is running out of routes.
“Earlier, Gujarat was the most preferred route for the Haji Salim network. However, in recent times there have been multiple busts on this route, and the network has incurred massive losses following heightened security,” the official said.
The surveillance has increased manifold along the Gujarat route, and smuggling has become extremely difficult for the gang. This has forced the Haji Salim network to send the consignment of drugs using alternate routes.
Since the network shifted south, the Iranian dhow that was carrying the consignment had to be tracked and intercepted 160 nautical miles northwest of Lakshadweep.
Another official said the Haji Salim network now faces a fresh challenge as the new route has also come under the radar of coastal agencies.
“The network may have spent months planning the alternate route to bypass Gujarat. However, following the latest joint operation by the Indian Coast Guard (ICG) and Gujarat ATS, the Salim gang is likely to start looking for another route,” the official said.
The officials say that very soon, the ISI-backed Salim syndicate will run out of routes.
Earlier, the most preferred route prior to Gujarat was Vizhinjam near Thiruvananthapuram in Kerala. However, there were multiple successive actions carried out by the agencies, which led to several consignments being busted.
“Currently the surveillance at this seaport is at an all-time high and smuggling narcotics is next to impossible here,” the official said.
An Intelligence Bureau official said that Haji Salim managed to find new landing points at Kasargod and Malappuram, in north Kerala
“These locations have relatively low levels of coastal surveillance, making them ideal landing points for the network. However, it is only a matter of time before surveillance is stepped up in these areas,” the official said.
The officials say that although the Indian agencies have shut down several routes and conducted successive operations, they cannot become complacent. There is a lot at stake here, and both the ISI and the Haji Salim network are in need of funds. With so many of their contingents being busted in recent times, the losses that they have incurred is huge.
Further, Haji Salim is also under immense pressure from his international buyers to deliver narcotics in huge quantities.
If busts such as these continue to take place, then the international buyers would start looking for other avenues and this would cause a major dent for the Haji Salim network, officials say.
For the ISI too, such busts represent a major setback.
Officials said that under arrangements allegedly struck by the ISI with narcotics operators such as Dawood Ibrahim and Haji Salim, the drug cartels are required to hand over 40 percent of their proceeds from the narcotics trade. In return, the ISI is alleged to provide protection to the networks.
Officials said the money is largely used to finance terror activities in India.
The fact is that the Haji Salim network is running out of routes in India to move its consignments. While Salim plans newer routes, he also has to deal with the pressure from international buyers who are likely to pursue other avenues if this network does not get its act together, another official said.
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