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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

Couple facing family opposition commits suicide in UP’s Saharanpur

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Saharanpur, July 2: A laboratory technician and his paramour allegedly committed suicide at a rented accommodation in Sadar Bazar area in Uttar Pradesh’s Saharanpur, police said on Thursday.

Preliminary police investigation suggests that the two may have died by suicide due to family opposition to their relationship. However, police said the exact cause of death will be confirmed only after the post-mortem report and forensic evidence are examined.

Saharanpur ASP Manoj Yadav said: “We received information that a person had locked his room from inside and was not opening the door despite repeatedly being asked to do so. Upon reaching the place we looked in from the window and since the situation was suspicious, we broke open the door in the presence of the neighbours.”

Forensic experts were called at the spot and detailed examination of the place was carried out, he said.

The man has been identified as 39-year-old Sam Kamanish, a native of Kerala, who had been working as a laboratory technician at Medigram Hospital in Saharanpur for the past ten years. The woman, 24-year-old Aastha, was a resident of the Gagalheri area and worked as a teacher at a private intermediate college.

“The man slit his wrist and partially hung himself from the window of the room while the woman had most probably consumed a poisonous substance. There are no wounds on the female’s body,” ASP Yadav said.

According to police, Sam and Aastha first met around four years ago when Aastha’s mother was undergoing treatment at Medigram Hospital. Their acquaintance gradually developed into a romantic relationship. Police said Sam was already married, but his wife had moved to Delhi several years ago for work.

Aastha’s family had reportedly opposed to their relationship.

On Wednesday morning, Aastha left home for college but did not reach her workplace. When she failed to return by evening, the family began searching for her and informed the police. Aastha’s father expressed suspicion that Sam might be involved, prompting police to launch an investigation.

CCTV footage from the hospital reportedly showed the two leaving together in a car. With the help of the car driver, police traced them to Sam’s rented accommodation later that night.

Police said the both bodies were sent for post-mortem examination. Aastha’s body has been handed over to her family, while authorities are waiting for Sam’s relatives to arrive from Kerala before releasing his body.

Officials said all possible angles are being investigated, and the exact circumstances surrounding the deaths will become clear after the investigation and post-mortem findings.

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Crime

Ketan Agarwal murder case: Old video shows accused Siya Goyal abusing on phone at pub

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Pune, July 2: An old video purportedly showing Siya Goyal, the prime accused in the alleged murder of her fiancée Ketan Agarwal, abusing on the phone at a pub, has surfaced online, adding a fresh dimension to the high-profile case that has drawn nationwide attention.

The video, believed to have been recorded in December 2025, allegedly captures Siya inside a pub while holding what appears to be a beer bottle and talking on the phone.

During the conversation, she is heard using abusive language and saying, “First he cheats on me, then he calls me.”

The clip has since gone viral across social media platforms, prompting renewed public interest in the investigation.

Apart from this video, several older photographs and clips featuring Siya and co-accused Chetan Chaudhary have also resurfaced online.

One such video reportedly shows the two attending a cricket league match together months before the alleged crime. Investigators, however, have not officially linked these videos to the murder case.

The case pertains to the death of 26-year-old Pune-based real estate businessman Ketan Agarwal, who allegedly died after being pushed from a cliff at Lohagad Fort in Pune district on June 18. Ketan and Siya were engaged and were reportedly planning to get married in November this year.

According to the Pune Rural Police, Siya Goyal and Chetan Chaudhary are accused of conspiring to murder Ketan. Both were arrested following the incident and remain in police custody until July 3 as investigators continue to gather evidence and verify multiple aspects of the case.

Meanwhile, investigators have also focussed on Ketan’s mobile phone during the course of the probe. Police have confirmed that the victim’s phone remained in Siya’s possession for some time after his death before it was eventually handed over to Ketan’s family.

However, officials have not disclosed whether any data on the device was accessed, altered or deleted during that period. Authorities have also not confirmed whether either of the accused attempted to tamper with the phone or its contents.

As part of the ongoing investigation, Pune Rural Police on Wednesday recreated the alleged crime scene at Lohagad Fort. During the exercise, officials used a fibre dummy matching Ketan’s approximate height and weight and dropped it into a gorge estimated to be over 300 feet deep to understand the sequence of events surrounding the incident.

Deputy Superintendent of Police (Lonavala Division) Gajanan Tompe said the reconstruction was carried out in accordance with the details gathered during the investigation.

“Today, we took the accused to Lohagad and conducted a reconstruction of the crime scene. The exercise was performed based on the facts available in the investigation. The probe is still underway, and all relevant findings will be placed before the court. We are also recording statements of everyone connected with the case and will continue to do so,” he said.

Earlier this week, police also carried out a gait analysis of co-accused Chetan Chaudhary to assist the investigation.

On Monday, the Vadgaon Maval court extended the police custody of Siya Goyal and Chetan Chaudhary by five days after investigators sought additional time to examine evidence, question witnesses and complete pending forensic procedures in the alleged murder case.

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Crime

Fake marriage racket busted in Delhi; three arrested for cheating groom of Rs 6 lakh

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New Delhi, July 2: Delhi Police’s West District on Thursday busted a fake marriage racket that allegedly targeted unmarried men by arranging fraudulent marriages and cheating them of large sums of money. Three accused have been arrested for allegedly duping a Rajasthan resident of Rs 6 lakh on the pretext of marriage, while efforts are underway to nab the remaining members of the gang.

According to the police, the case came to light after a missing report regarding a woman identified as Lovely alias Lalita was lodged at Police Station Khyala on June 18.

A dedicated team comprising SI Dharam Singh, HC Shree Krishna and W/HC Chameli was constituted under the leadership of SI Kishor, In-charge of Police Post Raghubir Nagar, under the direction of SHO Vinod Kumar and the supervision of ACP Tilak Nagar Dr. Garima Tiwari.

During the investigation, police relied on technical surveillance and local Intelligence, which revealed that the missing woman was staying in Rajasthan’s Pali district. Acting swiftly, the team reached Takhatgarh Police Station in Pali district, where the woman was traced.

During questioning, Lovely allegedly disclosed that she had been married to Kamal Lohra for the past 18 years and that the couple had four children. She further revealed that she, along with her husband and associates Deepu alias Rakesh Ekka, Ankit Verma, Deepika and Gopal, had been running a fake marriage racket targeting unmarried men.

Police said the accused allegedly presented Lovely as an unmarried woman and arranged her marriage with Shravan Vaishnav, a resident of Jalore, Rajasthan, on June 1. The gang allegedly collected Rs 6 lakh from the victim and distributed the money among themselves. Investigators said the group had planned to flee with cash and other valuables from the matrimonial home after the marriage.

Based on the victim’s complaint and evidence collected during the investigation, FIR No. 326/2026 was registered at Police Station Khyala on June 29 under relevant provisions of the Bharatiya Nyaya Sanhita (BNS).

Police subsequently arrested three accused — Lovely alias Lalita, her husband Kamal Lohra and Deepu alias Rakesh Ekka. The remaining accused have been identified, and raids are being conducted to apprehend them.

During interrogation, the accused allegedly confessed that they repeatedly targeted unmarried men by posing married women as eligible brides, collecting money in the name of marriage and later planning to escape with cash and valuables.

The arrested accused include Lovely alias Lalita and Kamal Lohra, both residents of Gumla, Jharkhand, and Deepu alias Rakesh Ekka, a resident of Raghubir Nagar in Delhi.

Police said further investigation is underway to trace the remaining accused and ascertain whether the gang was involved in similar frauds in other states.

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