Fraudster Arrested: Mumbai Police Extend Custody of Alleged Fake SEBI Agent in ₹11.34 Crore Scam
The accused, posing as a Securities and Exchange Board of India (SEBI) agent, cheated 25 people of over ₹11.34 crore, with the potential scam amounting to ₹400 crore and 500 victims.
FraudSebiMumbai Crime BranchScamInvestment FraudReal Estate MumbaiJul 22, 2024
Representing the victims, Advocate Asha G Menon stated that the accused had applied for bail, but it was opposed. Menon assured that all details of the case would be revealed to the media soon.
The officers from the crime branch's property cell suspect that the scam could be much larger, with the potential defrauded amount ballooning to around ₹400 crore and the number of victims increasing to 500.
Shah's modus operandi involved targeting people from a poor background, primarily from south India. He would lure them into investing their money in the share market through his company, promising attractive returns. However, he neither invested their money nor returned their principal amounts.
The Mumbai crime branch is currently investigating the case, and the suspects' police custody has been extended until July 25.
The Securities and Exchange Board of India (SEBI) is the regulatory body for the securities market in India. It was established in 1988 and is responsible for protecting the interests of investors and maintaining the integrity of the securities market.
The Mumbai crime branch is a specialized unit of the Mumbai Police Department that deals with complex cases involving property, economic offenses, and cybercrime.
Keywords Fake SEBI Agent, ₹11.34 Crore Scam, Mumbai Crime Branch, Securities and Exchange Board of India, Frauds in India
Frequently Asked Questions
What is the name of the alleged fake SEBI agent arrested by the Mumbai crime branch?
The alleged fake SEBI agent arrested by the Mumbai crime branch is Ashish Shah, a 44-year-old from Chattarpur, Madhya Pradesh.
How much money did Ashish Shah cheat people of?
Ashish Shah cheated 25 people of over ₹11.34 crore, with the potential scam amounting to ₹400 crore and 500 victims.
What was Ashish Shah's modus operandi?
Ashish Shah's modus operandi involved targeting people from a poor background, primarily from south India, and luring them into investing their money in the share market through his company, promising attractive returns.
What is the role of the Mumbai crime branch's property cell in this case?
The Mumbai crime branch's property cell is investigating the case and suspect that the scam could be much larger, with the potential defrauded amount ballooning to around ₹400 crore and the number of victims increasing to 500.
What is the current status of Ashish Shah's custody?
Ashish Shah's police custody has been extended until July 25 by a civil and sessions court.
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