Man held for cheating firm of Rs 36 lakh on pretext of selling shares

Mumbai, Nov 13 (PTI) A 39-year-old businessman was arrested from Bengaluru for allegedly cheating a private company of Rs 36 lakh under the pretext of selling unlisted shares of the National Stock Exchange (NSE), a police official said here on Thursday.

The Borivali police official identified the arrested accused as Rajat Amar Chandra Jain.

"Jain had taken Rs 95 lakh from a private company for the purchase of unlisted NSE shares. Though he returned Rs 59 lakh, he allegedly misappropriated the remaining Rs 36 lakh. The complainant is a Borivali-based stock market consultant who manages share transactions for the said company," he said.

"In May 2025, the company had planned to purchase unlisted NSE shares. During this process, an acquaintance introduced the consultant to Jain, who claimed to possess 10 such shares and offered them at Rs 1,900 per share. Finding the price reasonable, the company agreed to buy 5,000 unlisted shares, amounting to Ra 95 lakh, which was transferred to Jain's account," the official added.

Jain later denied receiving the funds and refused to transfer the shares, following which the consultant approached police.

Jain was arrested for cheating, criminal breach of trust and other offences, the official said. PTI ZA BNM