Mumbai: A massive share trading fraud amounting to ₹14.73 crore has been reported by a Mahim-based businessman, prompting the Cyber Police Station (Central Region) to register a case under various sections of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000.
According to the FIR filed on July 19, 2025, the complainant, Avinash Amritraj Mehta (62), a partner at Abhinandan Export Company, alleged that he was duped between October 2024 and July 7, 2025, by a group posing as share market intermediaries.
Mehta stated that the accused introduced to him through his company’s advisor, Prasad Sanket were known as Rohan Menon and Manikandan. They allegedly conspired to present a fraudulent investment opportunity in multiple listed companies. Using fabricated emails in the names of Zerodha Booking Ltd, NSDL, SEBI, and other reputed financial institutions, the accused convinced Mehta to transfer ₹14.73 crore for share purchases.
However, no shares were actually transferred to his company’s account. Instead, the funds were allegedly diverted to personal accounts, including that of Manikandan, under the pretext of executing trades. The complainant realized the deception when the promised share transfers failed to materialize and then sought legal recourse.
Based on his complaint, the Cyber Police (Central Region) registered a case under Sections 318(4), 319(2), 336(2), 336(3), 338, 340(2), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66D of the Information Technology Act, 2000, against the wanted accused—bank account holder (unidentified), Rohan Menon, and Manikandan.
Investigations are ongoing to trace the accused and recover the defrauded amount.
