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Mumbai: 72-year-old Man Loses ₹35 Crore In Massive Trading Fraud, Alleges Brokerage Firm Misused Wife’s Account

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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

Operation VISTA 1.0: Delhi Police arrest seven Bangladeshi nationals for violating visa conditions

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New Delhi, Aug 11: In a major crackdown on foreign nationals violating immigration norms, the Anti-Auto Theft Squad (AATS) of Delhi Police’s Central District successfully carried out “Operation VISTA 1.0” (Visa Status Verification), leading to the apprehension of seven Bangladeshi nationals for violating the conditions of their visas and overstaying in India beyond the permissible period.

The operation was launched as part of an ongoing drive to identify foreign nationals residing illegally in the national capital by overstaying or breaching visa regulations. During the special verification campaign, police teams conducted extensive checks at hotels, guest houses, and other establishments accommodating foreign nationals across the Central District.

According to Delhi Police, the operation gained momentum when a police team patrolling the Nabi Karim area received specific information from a reliable source that several Bangladeshi nationals whose visas had expired were residing illegally there. Acting on the information, the police apprehended one individual, identified as MD Nazrul Islam Foisal, a resident of Noakhali district in Bangladesh.

During questioning, Foisal disclosed that he was a Bangladeshi national residing in the Nabi Karim area. He produced his Bangladeshi passport, which was verified on the spot. Police found that his passport had been issued on February 8, and that his authorised stay in India was valid only until August 7. However, he was found residing in the country beyond the permitted period without obtaining any extension or authorisation from the competent authorities.

During sustained interrogation, Foisal revealed that several other Bangladeshi nationals were also living in Delhi after violating the conditions of their visas. The information was immediately shared with Inspector Sandeep Dabas, In-Charge of AATS, Central District, who directed the formation of a dedicated team to verify the information and take necessary action.

Based on the disclosure, police teams conducted raids at multiple locations in Delhi, including Madanpur Khaddar and Janta Flats in Sarita Vihar. During the raids, six more Bangladeshi nationals were located and apprehended. Their passports, visas and travel documents were thoroughly examined.

Verification of their immigration records revealed that all seven individuals had entered India legally on Double Entry Visas. Under the conditions of these visas, each visitor was permitted to stay in India for a maximum of 15 days per visit. However, despite the validity of their visas, all seven had exceeded the permissible duration of stay without obtaining any extension or authorisation from the authorities.

Police said the violation constituted a breach of visa conditions and attracted legal action under the applicable provisions governing the stay of foreign nationals in India.

Following verification, all seven Bangladeshi nationals were produced before the Foreigners Regional Registration Office (FRRO), which initiated legal proceedings against them. The FRRO subsequently issued Restriction Orders directing that the individuals be detained pending deportation proceedings.

The seven apprehended individuals have been identified as MD Nazrul Islam Foisal, 26, Mohammad Amjad Hossen, 26, Moinul Hossain, 24, Alamin, 25, MD Kawasae Ali, 25, Amran Hossain, 29, and Afranul Haque Bhuyan Sami, 23, all residents of different districts of Bangladesh.

During interrogation, the accused admitted that they had entered India on valid Double Entry Visas and were residing in various parts of Central and South Delhi. Detailed scrutiny of their travel documents established that although their visas remained valid, they had violated the mandatory condition restricting each stay to a maximum of 15 days.

Police officials said all facts were cross-verified with immigration records before legal action was initiated. The authorities emphasised that the action was taken strictly in accordance with immigration laws and established procedures.

As part of the proceedings, police seized and verified seven Bangladeshi passports, seven Indian Double Entry Visas and seven mobile phones. These documents have been taken into possession for verification and further legal action.

The apprehended individuals have been shifted to the Detention Centre at Sewa Dham, Shahzada Bagh, Sarai Rohilla, where they will remain until the completion of deportation formalities.

Police further stated that no previous criminal involvement of any of the seven Bangladeshi nationals has come to light during verification. The present action pertains solely to violations of visa conditions arising from overstaying beyond the permissible period prescribed under their visas.

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Crime

Darshan fan murder case: K’taka cops trace two industrialists, woman after threats to witness

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Bengaluru : Police investigating the alleged kidnapping and life threats issued to Sandeep, a witness in the Renukaswamy murder case, have reportedly traced two industrialists who allegedly played a key role in threatening him.

The two have been identified as Kiran and Gaurav Shetty, police said on Tuesday. Investigators are also examining the role of an influential woman in the case.

According to police sources, forensic analysis of call records has revealed that Kiran and Gaurav Shetty were on a conference call when Sandeep was allegedly threatened. Investigators suspect that the duo used accused Puneeth to intimidate and blackmail Sandeep.

Sandeep, a bar cashier and the 49th witness in the fan murder case, had allegedly been forcibly taken in a car and threatened with dire consequences. Kamakshipalya police subsequently registered a case and began investigating the incident.

Police had earlier arrested three accused persons — Puneeth, Suhas and Venu — in connection with the case. During the investigation, police seized Puneeth’s mobile phone and retrieved his WhatsApp data. The data was subsequently sent to the Forensic Science Laboratory (FSL) for analysis.

The FSL findings reportedly helped investigators establish the communication between the accused and the two industrialists. Police suspect that Kiran and Gaurav were in a conference call with Puneeth at the time Sandeep was allegedly threatened.

Investigators are also examining the role of an influential woman in the case. According to police sources, the woman allegedly contacted Puneeth before Kiran and Gaurav Shetty approached him and asked him to carry out whatever instructions were given by the two industrialists.

Police suspect that the threats to Sandeep were part of an attempt to intimidate him and prevent him from providing information or testimony in the murder case.

The investigation gained momentum after police recovered and analysed digital evidence from Puneeth’s mobile phone. The WhatsApp data and other forensic evidence reportedly helped investigators establish the alleged roles of the accused and their communication with others involved in the case.

Police are now awaiting further technical and forensic reports before deciding on the next course of action against those suspected of involvement.

Sandeep is listed as the 49th witness in the Renukaswamy murder case.

The latest developments have added another layer to the investigation, with police examining whether the alleged threats were intended to influence or intimidate witnesses connected to the case.

The Renukaswamy murder case relates to the alleged abduction and murder of 33-year-old Renukaswamy, a fan of Darshan from Chitradurga. Darshan, Pavithra Gowda and 15 others have been arrested and charge-sheeted in connection with the case.

According to the prosecution, Renukaswamy was allegedly abducted and brought to Bengaluru in June 2024. Investigators have alleged that he was assaulted at a shed before succumbing to his injuries. His body was later allegedly dumped near a stormwater drain on the outskirts of Bengaluru.

The case is currently being tried before the Bengaluru Sessions Court. The Supreme Court had earlier cancelled Darshan’s bail and directed his immediate re-arrest, while also ordering that he should not be given VIP treatment in prison.

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Crime

Delhi Crime Branch arrest forgery accused with Rs 50,000 reward on head, absconding for 12 years

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New Delhi, Aug 10: In a significant breakthrough, the Central Range of Delhi Police Crime Branch on Monday arrested a proclaimed offender carrying a reward of Rs 50,000 who had been evading arrest for more than 12 years in a sensitive forgery case, involving fake letterheads of prominent political offices and government authorities.

The accused, identified as Manoharan Kandhasamy, was wanted in connection with FIR No. 33/2008 registered under Sections 465 and 468 of the Indian Penal Code at Mandir Marg Police Station, New Delhi.

According to Delhi Police, the arrest concludes a long and challenging manhunt against the accused, who had allegedly misused the judicial process by jumping bail and remaining untraceable for years.

The case has its origins in FIR No. 384/2007 under Section 380 IPC, registered at Mandir Marg Police Station on the complaint of Vijay Kumar, a resident of Hyderabad. Kumar reported that while staying at a Dharamshala in Delhi, he had kept gold ornaments and other valuables inside an almirah in his room. Upon returning, he found the almirah lock broken and the valuables missing.

During the investigation, police apprehended Manoharan Kandhasamy, who originally hailed from Karnataka. Although the stolen property could not be recovered from his possession, a search conducted during the investigation led to the recovery of several printed and blank letterheads purportedly issued by eminent political offices and government authorities.

Given the seriousness of the matter and its wider implications, both cases were later transferred to the Crime Branch for further investigation.

During the course of the investigation in the forgery case, Kandhasamy was arrested and sent to judicial custody. However, after spending about a month in custody, he was granted bail by the court. Police said that after securing bail, he deliberately failed to appear before the court and absconded, thereby obstructing the judicial process.

In 2014, the Court of the Chief Metropolitan Magistrate at Patiala House Courts, New Delhi, declared him a Proclaimed Offender. Despite extensive efforts by investigators, the accused remained untraceable for several years, leading authorities to announce a reward of Rs 50,000 for information leading to his arrest.

After more than a month of sustained technical surveillance and verification, the team identified a mobile number allegedly being used by the accused in Tamil Nadu. Acting on this lead, police initiated continuous surveillance and field inquiries in the state.

The operation ultimately led investigators to Tiruchengode in Namakkal district of Tamil Nadu. On August 4, the accused was traced to a godown on the outskirts of the town, where he was reportedly engaged in the poultry business. He was subsequently arrested by the Crime Branch team.

During interrogation, Kandhasamy admitted that after being released on bail, he intentionally absconded due to fears of being sent back to jail and facing conviction in the case. He told investigators that he severed ties with former associates, changed his place of residence, and relocated to Tamil Nadu to avoid arrest.

Police said he had settled there with his family, established a livelihood, and continuously concealed his identity and whereabouts from law enforcement agencies.

Manoharan Kandhasamy, approximately 62 years old, originally belongs to Mangaluru in Karnataka. He has been residing with his family in Tiruchengode, Namakkal district, Tamil Nadu, for several years. Married and a father of two children, he is engaged in the poultry business and operates a poultry farm that serves as the primary source of income for his family.

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