New Delhi, Nov. 27 -- A shocking financial fraud case has surfaced in Mumbai, where a 72-year-old businessman was allegedly cheated of nearly Rs 35 crore through unauthorised trades carried out over four years.
The victim, Bharat Harakchand Shah, a resident of Matunga West, stated in his police complaint that a brokerage firm, Globe Capital Market Limited, carried out large-scale trades using his and his wife's Demat account without consent.
Shah, who runs a low-cost guesthouse for cancer patients in Parel, inherited a stock portfolio from his late father. Neither he nor his wife had experience or understanding of stock trading and never participated in active trading for decades.
How the Scam Began
In 2020, after a friend's suggestion, S...
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