Anchor Group Owner Arrested in Rs 67 Crore Fraud Case

Hemang Shah, an owner of Anchor Group, has been arrested for allegedly defrauding his brother, Mehul Shah, of Rs 67 crore.

Hemang convinced Mehul to invest in stocks, mutual funds, and debentures through Anand Rathi.

Discrepancies were later found in the demat account balances.

When Mehul attempted to withdraw funds for a flat purchase, the cheque was returned.

Hemang then allegedly transferred funds overseas and froze a corporate account.

The arrest occurred at Delhi Airport following a Look Out Circular.

The brothers are part of the family that founded Anchor Electrical Pvt.

Ltd., which was sold in 2007.