Jamnagar doctor alleges 41L fraud by brokerage firm directors | Rajkot News – The Times of India

Rajkot: A Jamnagar-based doctor has filed a complaint at the Jamnagar City B Division police station alleging breach of trust and misappropriation of over Rs 41 lakh by five directors of a brokerage firm.Police said complainant Dr Kishor Sajjanmal Maheshwari, who runs Jamnagar Maheshwari Hospital, alleged that shares purchased through the brokerage firm, Arcadia Shares and Stock Brokers Private Limited were never credited to his demat account and that the invested funds were diverted for the personal use of the company’s directors.According to the complaint, Maheshwari had opened a trading account with the firm in 2009. Trading in the account was halted in Feb 2021. He told police that one of the directors informed him via email that the company had been “frozen by NSE due to suspicious financial activities”.The alleged discrepancies surfaced after Maheshwari received a 29-page order dated Feb 8, 2024, from the National Stock Exchange (NSE). The order reportedly stated that investments made in six blue-chip companies and others were not reflected on the NSE platform. The total investment involved 10,092 shares valued at approximately Rs 41.86 lakh.In his complaint, Maheshwari named directors Nitin Amrutlal, Anthony Sequeta, Prem Anthony Sequeta, Yash Brahmbhatt and Ramesh Brahmbhatt.Police said the complainant initially did not approach authorities as he had received assurances from the accused that the funds would be returned. He also cited close family relations with the directors as the reason for his continued trust. However, after the amount remained unrecovered and based on documentary evidence including margin and ledger statements, he decided to file a formal complaint.An earlier press release issued by the NSE had advised investors facing issues with Arcadia to lodge complaints.A case has been registered under Sections 316(5) and 54 of the Bharatiya Nyaya Sanhita (BNS).