Mumbai Man Loses ₹35 Crore Trading Scam Over 4 Years, You’ll Be Shocked to Know Scamster’s Trick

A shocking case from Mumbai has left everyone stunned after a 72-year-old was duped of ₹35 crore in a trading scam that continued for four years. Bharat Harakchand Shah from Matunga West claimed that brokerage firm Globe Capital Market Limited carried out unauthorised trades using his wife’s account throughout this period.

Shah filed an FIR with the Vanrai police station, describing it as an “organised financial fraud.” The case has been registered under IPC sections including 409 (Criminal Breach of Trust) and 420 (Cheating), and has now been handed over to the Economic Offences Wing (EOW) of Mumbai Police for further investigation. 

Bharat Harakchand Shah with his wife, operates a low-cost guest house for cancer patients in Parel. His wife came into posseision of a share portfolio after his father’s death in 1984. However, lacking any understanding of the stock market, the couple never engaged in active trading.

How Did the ₹35 Crore Scam Begin?

The alleged fraud began in 2020. On a friend’s advice, Shah opened a Demat and trading account for himself and his wife with Globe Capital Markets Limited and shifted their inherited shares to the firm.

At first, everything seemed normal. Company staff frequently contacted Shah, offering attractive assurances. They claimed he wouldn’t need to invest any extra money and that his shares could be safely used as collateral for trading. They also promised that “personal guides” would assist him. Under this pretext, two employees, Akshay Baria and Karan Siroya, were assigned to “manage” his portfolio. That’s when they reportedly took full control of the couple’s accounts.

How Did the Scammers Take Full Control of His Account? 

As per the FIR, things took a drastic turn soon after. The two company representatives, who initially guided Shah over daily phone calls on which trades to make, eventually began visiting his home and even sending emails from their own laptops.

Shah claims they manipulated him into handing over every crucial detail. He entered all OTPs, opened every SMS, and replied to every email as instructed. He was only told what they wanted him to know, allowing the company to gain total control of his account.

How Did Shah Discover the ₹35 Crore Trade Scam Shock?

In July 2024, the fraud finally came to light when Shah received an unexpected call from Globe Capital’s Risk Management Department, informing him, “You and your wife have a debit balance of ₹35 crore. Pay immediately or your shares will be liquidated.”

When Shah rushed to the company office, he was told that extensive unauthorised trading had been carried out in his accounts. Shares worth crores had been sold off, and repeated circular trades, transactions made back and forth with the same party, had driven the account into massive losses.

Under pressure and fearing the loss of whatever assets he had left, Shah was forced to sell his remaining shares and settle the entire ₹35 crore amount. After doing so, he moved his leftover holdings to another firm.

What Did Shah Uncover After Checking the Real Statements? 

Shah finally realised what had happened when he downloaded the actual, detailed trading statement from Globe’s website and compared it with the “profit” statements the company had emailed him. The differences were huge, exposing the scale of the deceit.

He also discovered that the firm had received several notices from the National Stock Exchange (NSE). Shockingly, the company had replied to these notices using his name—without ever informing him. The genuine trading activity was completely different from what he had been shown.