Mumbai: Wing Wing Wing (EOW) Mumbai Police has registered a violation of the Cheatei NG and misuse of funds to the Director of Arcadia Share and Stock Brokers Pvt Ltd, Nitin Brahmabhata and Anthony Sequeira, and others because they are suspected of deceiving RS 21 Crore investors.
Mumbai-based stock companies were declared to be defaulter and expelled by the National Stock Exchange (NSE) and Bur Burid Burid in July in accordance with many complaints of fraud and abuse activities submitted by several investors.
On November 17, Resident Mahim Denzil Lobo filed a complaint to the BKC police who alleged that the Arcadia and his representatives had retained more than 2.7 shares of Lakh with a market value of almost Rs 4.4 Crore in various companies purchased with himself and misused his money.
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Lobo also claimed that the defendant misused Rs 3 Crore from his family funds lying as an extraordinary credit balance.
Miguel D’Souza and Lionel Gomes investors also filed a similar complaint of Rs 10.8 Crore and Rs 3.2 Crore.
The case was then taken over by the unit shared EOW, said Waseem Pangarkar, a senior MZM legal partner LLP, representing the complainant.
Brahmabhatt and Sequeira did not respond to TOI calls and text messages.