Mumbai, Jan 30: An FIR has been registered at MRA Marg Police Station, and further investigation has been handed over to the Economic Offences Wing (EOW) in connection with an alleged ₹13.17 crore cheating and criminal breach of trust case involving transactions in unlisted NSE (National Stock Exchange) shares.
Complainant and background
The complainant, Harith Naginidas Kampani (59), a share consultant by profession, operates from Dalal Street, Fort, and has been engaged in unlisted share broking and conversion of old physical shares into demat form for the past seven years.
Initial transaction details
According to the FIR, Kampani stated to the police that he was acquainted with Hit Bhavesh Shah (21), who also deals in unlisted shares and operates an office in the same building. Shah allegedly informed him in the first week of June 2025 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 a price of ₹19 crore, assuring delivery within two days of receiving payment. Accordingly, Kampani transferred ₹19 crore from his bank account to Shah’s bank account on June 11, 2025.
Additional orders and payments
Subsequently, Kampani placed an additional order for 20,000 unlisted NSE shares — 13,700 shares for clients and 6,300 shares for himself — for a total consideration of ₹3.50 crore, which he transferred to Shah’s bank account between June 3 and June 12, 2025.
Failure to deliver shares
However, despite repeated follow-ups, Shah allegedly failed to deliver either the 1,00,000 shares or the 20,000 shares, citing various excuses. After 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 corresponding shares.
Further payments and partial return
In September 2025, Shah allegedly claimed he was engaged in arranging funds for large corporate clients and would soon receive substantial brokerage commissions, promising to clear the outstanding amount.
Trusting him, Kampani transferred an additional ₹2.80 crore on September 1, 2025, to Shah’s another bank account. However, Shah returned only 25 lakh unlisted shares of MSEI (Metropolitan Stock Exchange of India) worth ₹70 lakh on September 3, 2025, and failed to repay the balance.
Allegations of misappropriation
Despite repeated demands, Shah allegedly continued to give false assurances. Kampani now claims 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.
Based on the complaint, MRA Marg Police have registered an FIR, and further investigation has been transferred to the Economic Offences Wing.
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