20 hrs ago
Mumbai EOW Arrests Vadodara Man In ₹16 Crore Share Fraud
Mumbai police arrested Sarfaraz Shah over an alleged share fraud.
Police say 54,000 bonus shares belonging to two people were moved into a fake account.
They allege a woman pretended to be one of the real shareholders.
Investigators say Shah helped provide a place for the woman to stay.
They also accuse him of helping prepare false identity documents.
The shares were allegedly sold, and the money moved through several bank accounts.
Police say Shah received ₹11.32 crore in cash.
Shah is being questioned while investigators look for other people involved and trace the money.
The Mumbai Police Economic Offences Wing arrested 45-year-old Sarfaraz Jummasha Shah in Vadodara on August 31, 2026.
Police allege Shah helped a woman impersonate shareholder Vanita Gandhi using forged identity and residential documents.
The alleged fraud involved the illegal dematerialisation and sale of 54,000 Balkrishna Industries bonus shares.
Investigators allege the shares were sold through a fraudulent Motilal Oswal Financial Services demat account, with proceeds routed through various bank accounts.
Police allege Shah received ₹11.32 crore in cash and are seeking seven days of custody to investigate the wider conspiracy.
- Who
- The Mumbai Police Economic Offences Wing arrested Sarfaraz Jummasha Shah; police also allege that an unidentified woman and other accomplices were involved.
- What
- An alleged ₹16 crore fraud involving the illegal dematerialisation and sale of 54,000 bonus shares belonging to Vanita Krishnakant Gandhi and Sudha Gandhi.
- Where
- Shah was arrested in Vadodara, Gujarat, and brought before the 47th Court at Esplanade in Mumbai.
- When
- Shah was arrested on August 31, 2026, and was scheduled to be produced in court on September 1, 2026.
- Why
- Police allege Shah helped impersonate a shareholder, create forged documents, arrange accommodation and facilitate the transfer and sale of the shares.
Key facts
- Accused arrested
- Sarfaraz Jummasha Shah, 45
- Arrest date
- August 31, 2026
- Alleged fraud value
- Approximately ₹16 crore
- Shares involved
- 54,000 bonus shares of Balkrishna Industries Ltd.
- Alleged cash received
- ₹11.32 crore
- Police unit
- Economic Offences Wing Unit 7 (Shares), Mumbai
- Case number
- EOW Crime Register No. 58/2024
Sources
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