Mumbai Police Arrests Fake Broker from Madhya Pradesh in ₹170 Crore Share Scam

The Mumbai Crime Branch arrested Ashish Shah, 44, from Versova, Andheri, for allegedly defrauding people of over ₹170 crore by promising high returns on stock market investments. Claiming to be a registered SEBI agent, Shah convinced over 400 people to invest, promising returns of up to 84 percent.

However, in May 2024, he stopped disbursing funds to investors, prompting them to approach the police. The initial complaint was filed at Versova police station and later transferred to the Crime Branch.

Three teams were formed to apprehend Shah, who was eventually arrested in Chhatarpur, Madhya Pradesh. Deputy Commissioner of Police (Detection) Datta Nalawade stated that Shah accepted payments in cash and cheques but lacked any knowledge of the stock market.

Police confiscated four vehicles, two flats, and froze six bank accounts. A raid on his Versova home uncovered 1,900 grams of gold and ₹25 lakh in cash. Authorities advise the public to verify agents and schemes before investing in the stock market to avoid falling victim to such frauds.