Mumbai's ₹11.34 Crore Con: Alleged Fake SEBI Agent's Police Custody Extended
A civil and sessions court extends police custody of Ashish Shah, accused of cheating 25 people of ₹11.34 crore, posing as a SEBI agent. The scam could be larger, with 500 victims and ₹400 crore defrauded.
SebiFake AgentMumbaiPolice CustodyFraudScamReal Estate MaharashtraJul 22, 2024
Shah was active in Mumbai and Mira-Bhayandar, and primarily targeted people from a poor background, many of whom are from south India. According to an officer from the crime branch's property cell, the scam could be much larger, with the defrauded amount potentially ballooning to around ₹400 crore and the number of victims going up to 500.
Representing those cheated, Advocate Asha G Menon said, 'The accused tried for bail, but we opposed it. Everything about the matter will be revealed soon to the media.' Shah's 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's responsible for protecting the interests of investors and ensuring that the securities market operates fairly and efficiently.
Frequently Asked Questions
What is the alleged amount defrauded by Ashish Shah?
Ashish Shah is accused of defrauding 25 people of ₹11.34 crore, but the scam could be larger, with the defrauded amount potentially ballooning to around ₹400 crore.
What was Ashish Shah's modus operandi?
Ashish Shah posed as a Securities and Exchange Board of India (SEBI) agent and fleeced people on the pretext of investing their money in the share market through his company.
Who did Ashish Shah primarily target?
Ashish Shah primarily targeted people from a poor background, many of whom are from south India.
When was Ashish Shah arrested?
Ashish Shah was arrested by the Mumbai crime branch on July 11.
How long has Ashish Shah's police custody been extended?
Ashish Shah's police custody has been extended until July 25.
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