Mumbai:
A 72-year-old Mumbai man was left reeling after losing Rs 35 crore in a trading scam that spanned four years. Bharat Harakchand Shah, a resident of Matunga West, alleged that a brokerage firm, Globe Capital Market Limited, used his wife’s account for unauthorised trading over four years.Shah, who runs a low-rent guest house for cancer patients in Parel, alongside his wife, inherited a share portfolio after his father died in 1984. But since the couple did not possess any knowledge of the stock market, they never actively traded.
The fraud allegedly began in 2020. Following a friend’s suggestion, Shah opened a Demat and trading account for himself and his wife with Globe Capital Markets Limited and transferred their inherited shares to the company.
Initially, interactions were straightforward. Company representatives contacted Shah regularly, making several appealing assurances. They told Shah that no additional investment would be needed for trading and that shares could be safely traded using them as collateral.
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