Mumbai: The Economic Offences Wing (EOW) of Mumbai Police has arrested a 21-year-old accused in connection with an alleged ₹13.17 crore cheating and criminal breach of trust case involving transactions in unlisted shares of the National Stock Exchange (NSE).
FIR Initially at MRA Marg Police Station; Probe Transferred to EOW
The accused has been identified as Heet Bhavesh Shah (21), a resident of Mira Road–Bhayander. Police sources said Shah is educated up to Class 12 and had undergone training in share market broking. He reportedly aspired to become wealthy through stock market dealings.
An FIR in the matter was initially registered at MRA Marg Police Station, and the probe was later transferred to the EOW for detailed investigation. The complainant, Harith Naginidas Kampani (59), a share consultant operating from Dalal Street, Fort, has been engaged in unlisted share broking and conversion of old physical shares into demat form for the past seven years.
Shah Allegedly Claimed to Have Unlisted NSE Shares Available in June 2025
According to the FIR, Kampani stated that he was acquainted with Shah, who also dealt in unlisted shares and operated from the same building. In the first week of June 2025, Shah allegedly informed Kampani that he had unlisted NSE shares available for sale.
On June 8, 2025, Kampani placed an order for 1,00,000 unlisted NSE shares for his clients. Shah quoted ₹19 crore and assured delivery within two days of receiving payment. Accordingly, Kampani transferred ₹19 crore to Shah’s bank account on June 11, 2025.
Additional Order of 20,000 Shares for ₹3.50 Crore Placed Between June 3-12
Subsequently, Kampani placed an additional order for 20,000 unlisted NSE shares—13,700 for clients and 6,300 for himself—for a total of ₹3.50 crore, which he transferred between June 3 and June 12, 2025.
However, despite repeated follow-ups, Shah allegedly failed to deliver the shares and cited various excuses. Following persistent demands, Shah returned ₹11.40 crore on June 16, 2025, and ₹2.5 lakh on June 18, 2025—totalling ₹11.425 crore—but failed to refund the remaining ₹11.075 crore or deliver the shares.
In September 2025, Kampani Transferred Another ₹2.80 Crore on False Promises
In September 2025, Shah allegedly claimed he was arranging funds for corporate clients and would soon receive brokerage commissions, promising to clear the dues. Trusting him, Kampani transferred an additional ₹2.80 crore on September 1, 2025.
However, Shah returned only 25 lakh unlisted shares of the Metropolitan Stock Exchange of India (MSEI) worth ₹70 lakh on September 3, 2025, and failed to repay the remaining amount.
Despite repeated demands, Shah allegedly continued to give false assurances. The complainant has alleged that Shah misappropriated the funds for personal use and deliberately deceived him.
According to the complaint, Shah collected a total of ₹25.30 crore under the pretext of selling unlisted NSE shares and cheated the complainant of ₹13.17 crore by neither delivering the shares nor refunding the money. Further investigation in the case is ongoing.
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