Archive · 28 Nov 2025
Victims Lose Millions in Share Market Frauds
Two people in India lost a lot of money because of share market frauds.
One was a 72-year-old man from Mumbai who lost ₹35 crore over four years.
He had some shares he got from his dad a long time ago.
Some people at a company he trusted made bad trades without his permission and showed him fake papers.
Another victim was a doctor from Nashik who lost ₹3.64 crore.
A man named Akhlaq Rais Shaikh promised him big profits but didn't give any.
The police caught Shaikh and got back some of the money.
Both cases are still being investigated.
A 72-year-old Mumbai resident lost ₹35 crore in a trading scam over four years.
The fraud was allegedly conducted by Globe Capital Market Limited using the victim's and his wife's accounts.
A doctor from Dindori, Nashik, lost ₹3.64 crore after being promised high returns in the share market.
The suspect in the Nashik case, Akhlaq Rais Shaikh, was arrested and some of the money was recovered.
Both cases are under investigation by the respective police authorities.
- Who
- Two victims: a 72-year-old Mumbai resident and a doctor from Dindori, Nashik
- What
- Share market frauds resulting in losses of ₹35 crore and ₹3.64 crore respectively
- When
- The fraud against the Mumbai resident spanned from March 2020 to June 2024; the timing of the fraud against the Nashik doctor is not specified
- Where
- Mumbai and Nashik, India
- Why
- Unauthorized trades and false promises of high returns
- Victim 1
- Bharat Harakchand Shah (72-year-old Mumbai resident)
- Victim 2
- A doctor from Dindori, Nashik
- Amount Lost by Victim 1
- ₹35 crore
- Amount Lost by Victim 2
- ₹3.64 crore
- Brokerage Firm Involved in Victim 1's Case
- Globe Capital Market Limited
- Suspect in Victim 2's Case
- Akhlaq Rais Shaikh
- Duration of Fraud in Victim 1's Case
- March 2020 to June 2024
- Legal Action in Victim 1's Case
- FIR filed under IPC sections 409 and 420
- Investigation Body in Victim 1's Case
- Mumbai Police’s Economic Offences Wing
- Victim 1's Profession
- Runs a low-rent guest house for cancer patients
- Initial Investment of Victim 1
- Inherited share portfolio from his father in 1984
- Amount Recovered in Victim 2's Case
- Part of the ₹3.64 crore
- Location of Suspect's Bank Account
- Nagaur, Madhya Pradesh
Sources
Mumbai: 72-year-old Man Loses ₹35 Crore In Massive Trading Fraud, Alleges Brokerage Firm Misused Wife’s Account
Pune entrepreneur loses Rs 1.6 crore to ‘Hong Kong crypto executives’ who lure him with attractive profits
Nashik Doctor Duped Of ₹3.64 Crore In Share Market Fraud
