Businessman loses Rs350m in trade scam

HE ALLEGES FIRM RAN UNAUTHORISED HIGH-RISK TRADES

- BY STEPHEN N. R.

A shocking case of financial fraud has emerged from Mumbai, where a 72-year-old businessman was allegedly duped of nearly Rs350 million by a prominent brokerage firm through years of unauthorised trading, NDTV reported.

Bharat Harakchand Shah has accused Globe Capital Market Limited of misusing the trading and demat accounts opened for him and his wife, executing risky transactions without their consent, between 2020 and 2024.

Shah, who runs a low-rent guesthouse for cancer patients in Parel, had inherited a share portfolio decades ago but never actively engaged in trading, largely because he lacked confidence and market knowledge.

Four-year ordeal