Mumbai: Bengaluru Businessman Arrested For ₹36 Lakh Fraud Over Unlisted NSE Shares

Mumbai: The Borivali Police have arrested a 39-year-old Bengaluru-based businessman, identified as Rajat Jain, for allegedly cheating a Mumbai-based private company of Rs 36 lakh under the pretext of selling unlisted shares of the National Stock Exchange (NSE). Jain was taken into custody shortly after a complaint was lodged and later produced before the court.

According to the police, Jain had accepted Rs 95 lakh from the company for the purchase of unlisted NSE shares. While he returned Rs 59 lakh, he allegedly withheld and misappropriated the remaining Rs 36 lakh, leading to the registration of a cheating case.

Details On The Fraud

Investigations revealed that the complainant, a Borivali-based stock market consultant, handled share transactions for the affected firm. In May 2025, the company had planned to acquire unlisted NSE shares when an acquaintance introduced the consultant to Rajat Jain. Posing as a genuine seller, Jain claimed ownership of ten such shares and offered to sell 5,000 units at Rs 1,900 per share, bringing the total value to Rs 95 lakh, as reported by Lokmat Times.

After a series of email confirmations, the company transferred Rs 94.95 lakh (after TDS deduction) to Jain’s bank account, along with transaction proof. However, Jain later denied receiving the funds and refused to transfer the shares. Despite being shown confirmation of the payment, he continued to dispute the transaction.

When the complainant travelled to Bengaluru to resolve the issue, Jain avoided meeting them. Later, he called them to a meeting at Hotel Radisson, where he finally admitted to the transaction and agreed to return the amount. He transferred Rs 54 lakh on the spot and assured payment of the remaining balance by June. On June 2, he paid an additional Rs 5 lakh, but thereafter stopped responding to calls and messages.

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When the victims persisted, Jain allegedly threatened to file a false molestation case if they visited his home again and soon switched off his phone. Realising they had been duped, the complainant approached the Borivali Police, who registered a case of cheating and criminal breach of trust under relevant sections.

Jain was traced and arrested within hours. Police have launched a detailed probe to track the misappropriated funds and are checking if he has defrauded others using a similar modus operandi.

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