Srinagar, Nov 28: The Economic Offences Wing of Jammu and Kashmir Crime Branch Kashmir said on Friday that it has filed a chargesheet against the accused in the court of law, as two accused have been sent to judicial custody.

A statement issued by the Crime Branch Kashmir said, “The Economic Offences Wing of Crime Branch Kashmir has produced a chargesheet before the Hon’ble Court of Special Judge Anti-Corruption, Anantnag, against Mushtaq Ahmad Bhat, son of Ali Mohammad Bhat, resident of Babapora Qazigund, Tehsil Devsar, District Kulgam, and Mohammad Yousuf Dar, resident of Khandipahari, Harnag, Anantnag.

“The case originated from a complaint alleging that Mushtaq Ahmad Bhat, then serving as Patwari Halqa Khandipahari Anantnag, entered into a criminal conspiracy with the complainant’s brothers to fraudulently mutate land falling under Khewat Nos. 05 and 07 at Khandipahari Harnag.

“This was done despite the land being under litigation and a status quo order issued by the Hon’ble Court, which was duly reflected in revenue records,” it said.

Investigations revealed that the Patwari concealed material facts, facilitated the sale of a portion of the disputed land and prepared fraudulent mutations.

Accused Mohammad Yousuf Dar was also found to have procured a fake and forged gift deed purportedly executed by his mother.

“The alleged witnesses to the deed denied any involvement. The complainant further stated that the Patwari demanded money for providing revenue extracts and that no departmental action was taken despite approaching senior revenue authorities,” it said.

Upon enquiry, the allegations were found prima facie substantiated, leading to the registration of FIR No. 45/2015 under sections 420, 468, 471, 120-B RPC, and 5(2) PC Act at Police Station Crime Branch Kashmir.

After a thorough investigation, the chargesheet has now been filed for judicial determination.

During the course of proceedings, the court has remanded the accused Mushtaq Ahmad Bhat and Mohammad Yousuf Dar to the judicial lock-up.

“The Economic Offences Wing of Crime Branch Kashmir remains committed to bringing fraudsters and economic offenders to justice and urges the public to remain vigilant against such fraudulent activities,” the statement added.

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.

Kalyan: In a swift and decisive action police in Kalyan raided an illegally operated game zone named Joystick Jungle and arrested three individuals for running the establishment without mandatory permissions and safety measures. The raid uncovered disturbing details, including the presence of several school-going minors who were found bunking classes and tuitions to spend time at the facility.

According to officials the Kolshewadi Police had received information about the game zone being secretly operated inside a rented room in the Chinchpada area of Kalyan East. Acting on directions from DCP Atul Zende a police team conducted a surprise raid on the premises.

During the raid, officers discovered several objectionable activities inside the dimly lit game zone. Shockingly, eight minor boys and girls were found playing games inside the room, despite it lacking even basic safety protocols. Police stated that the operators had not obtained any license or permission to run the establishment, nor were there fire safety provisions such as extinguishers.

The arrested individuals have been identified as Prithviraj Chavan, Shriram Chavan, and Amit Sonawane. Police seized equipment from the location and are investigating whether the accused were involved in any activities beyond illegal gaming.

Authorities noted that such unauthorized game zones pose a serious threat to minors, not only for safety violations but also for encouraging truancy and potentially exposing children to harmful influences.

The Kolshewadi Police have initiated further investigation into the network behind the operation and are expected to take strict action under relevant sections of the law.