Mumbai-based brokerage firm owners, director arrested for duping investor of Rs 1.54 crore

Mumbai Police busted a fake brokerage firm that had duped an investor of Rs 1.54 crores. They have arrested the two owners and the director of the firm, while a fourth accused who worked as a business consultant is currently absconding.

Mumbai’s Vile Parle Police busted a financial scam where a brokerage firm had duped investors to the tune of Rs 1.54 crores. Three people, including the director, Sunil Jail, and the owners of the firm, Dhiren Shukla and Anurag Shukla, have been arrested, while a fourth person is absconding.

News organisation Mid-Day reported that the firm allegedly approached their victims, offering to help with managing their trading accounts, claiming they would help the victims to get maximum benefits.

After getting hold of the victims’ trading accounts, the accused provided fake transaction details and asked them to divert the profit to their family members.

The scam was unveiled after Sunil Giri, one of the victims, filed a complaint with the police. According to his statement, the scam had been running since 2019. He was approached by a senior manager of the accused brokerage firm.

Giri accepted the firm’s offer and they set up a Demat account for Giri’s company. He also informed the police that the accused used to send him transaction details and profit and loss statements.

But, in June 2021, the same senior manager informed Giri that the accused had been duping him. According to a police officer, “Giri checked his Demat account and found that the records were not matching. After consulting his staff, he learnt that the emails and reports were forged.”

Upon discovering this, Giri approached the National Stock Exchange (NSE) and a detailed enquiry was initiated. The NSE discovered that the accused had siphoned off crores of rupees.