Mumbai News: Jeweller Alleges ₹1.70 Crore Fraud By Axis Securities Branch Staff; Case Registered At Gamdevi Police Station

Mumbai, Feb 10: A 69-year-old jewellery businessman from Breach Candy has alleged that he and his family members were cheated of nearly Rs 1.70 crore by officials and staff of an Axis Securities Limited franchise branch in Thane through unauthorised trading and fraudulent transactions in their demat accounts. Gamdevi Police have registered a case in connection with the alleged financial fraud.

Complainant and family business

The complainant, Ajay Natwarlal Shah, a resident of Bhulabhai Desai Road, runs a jewellery store named Vijay Jewellers at Hughes Road. His brother Vijay Shah and son Kunal Shah assist him in managing the family business, while other family members are homemakers.

Demat accounts and investments

According to Shah, his family maintained multiple demat and trading accounts with Axis Securities Limited’s Shardaarani branch in Thane. The accounts were held in the names of Shah, his wife Panna Shah, brother Vijay Shah, sister-in-law Nilakshi Shah, and son Kunal Shah.

Between May 2023 and December 2025, the family collectively invested approximately Rs 8.18 crore, including shares worth Rs 6.45 crore and Rs 1.73 crore transferred through bank accounts.

Relationship manager’s role alleged

Shah stated that he had known Zeeshan Ahmed, a relationship manager, since 2000, when Ahmed worked with JM Finance, where Shah earlier held trading accounts. After Ahmed moved to Axis Securities, he persuaded Shah to shift part of his investments to the Axis Securities franchise branch.

All transactions were handled through registered emails and mobile numbers, and Shah’s long-time accountant, Shirish Shah, managed account records and communications.

Fraud comes to light

The alleged fraud came to light when Shah’s son requested a profit-and-loss statement and account details from the branch in April 2025. After receiving the ledger books, the family discovered substantial losses and several transactions executed without their knowledge or authorisation.

Upon inquiry, former dealer Janak Shah reportedly disclosed that unauthorised trades had been conducted by branch officials using one-time passwords (OTPs) obtained from the family’s accountant. The accused allegedly accessed the demat accounts, changed registered mobile numbers, and carried out online trades without informing the account holders.

Allegations of manipulation

Shah also alleged that fake deal slips were generated and he was falsely shown as a “walking client”, despite never visiting the branch personally for transactions.

The complainant claimed that excessive brokerage charges, interest, unauthorised share sales and trading losses resulted in total losses of around Rs 1.70 crore.

Pressure to settle

When the family sought clarification, the branch owner Pankaj Jha, dealers Ram Nimbalkar and Janak Shah, relationship manager Zeeshan Ahmed, and other officials allegedly gave evasive replies and pressured them to settle the matter privately instead of pursuing a formal complaint.

Shah further alleged that Axis Securities officials Arpan Jain and Nitin Iyer attempted to convince him to withdraw his complaint and agree to a settlement without providing a detailed account statement.

Police case registered

Subsequently, Shah filed complaints with Axis Securities, SEBI, and later approached the Gamdevi Police. He also transferred all his investments back to JM Finance in December 2025.

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Based on his complaint, police have registered a case against branch owner Pankaj Jha, relationship manager Zeeshan Ahmed, dealers Janak Shah and Ram Nimbalkar, accountant Shirish Shah, and Axis Securities officials Arpan Jain and Nitin Iyer for cheating, criminal breach of trust, and financial fraud. Further investigation is underway.

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