A civil and sessions court extended the police custody of an alleged con, who cheated 25 people of over Rs11.34 crore, while posing as a Securities and Exchange Board of India (SEBI) agent, until July 25. Mumbai crime branch arrested Ashish Shah, 44, from Chattarpur, Madhya Pradesh, on July 11.
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.” According to an officer from the crime branch's property cell, they suspect that the scam could be larger, with the defrauded amount ballooning to around Rs400 crore and the number of those duped going up to 500.
Shah was active in Mumbai and Mira-Bhayandar. He fleeced people on the pretext of investing their money in the share market through his company. However, he neither invested their money nor returned their principal amounts. He primarily cheated people from a poor background, while many of his 'investors' are from south India.
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