2 SHARE BROKERS BOOKED FOR DUPING BIZMAN OF ₹9.5 CRORE

MUMBAI: Two directors of a share brokerage firm were booked on Wednesday for allegedly defrauding a city businessman of ₹9.49 crore. The accused are identified as Sameer Doshi and Manish Nathwani.

The victim – identified as Neel Arora – is currently in the United States of America.

In 2006, Arora hired the services of Falcon Brokerage Private Ltd, which has an office at Dalal Street in Fort Doshi, 60 and Nathwani, 51, are its directors. Falcon Brokerage was managing Arora’s portfolio.

According to the police complaint, the directors concealed the real status of Arora’s portfolio from him. “They allegedly prepared a performers report based on false facts and gave it to Arora pretending it was genuine and real,” stated the police complaint.

Besides, the accused withdrew shares from Arora’s portfolio and despite the cancellation of the portfolio management contract, the accused did not hand over the shares and money concerning the portfolio to Arora, and thus defrauded him of ₹9.49 crore, the complaint added.

The police said that the accused kept the victim in dark about the status of his portfolio and without his knowledge utilized the shares for self-gain and allegedly cheated Arora.

Advocate Shrikant Sonkawde, who is representing Arora, filed the complaint. He, however, refused to comment on the matter as it is under investigation.

The MRA Marg police have booked the directors - Sameer Doshi, 60 and Manish Nathwani, 51 under sections 409, 420, 465, 477A and 34 of the Indian Penal Code.

IN 2006, THE VICTIM HIRED FALCON BROKERAGE PRIVATE LTD, WHO WAS MANAGING HIS PORTFOLIO