Borivali Police have arrested a 39-year-old businessman from Bengaluru for allegedly cheating a private company of ₹36 lakh under the pretext of selling unlisted shares of the National Stock Exchange (NSE). The accused, identified as Rajat Jain, was produced before the court after his arrest.
According to police, Rajat Jain had taken ₹95 lakh from a private company for the purchase of unlisted NSE shares. Though he returned ₹59 lakh, he allegedly misappropriated the remaining ₹36 lakh. A complaint was filed at Borivali Police Station, following which he was arrested within hours.
The complainant, a Borivali-based stock market consultant, manages share transactions for the said company. In May 2025, the company had planned to purchase unlisted NSE shares. During this process, an acquaintance introduced the consultant to Rajat Jain, who claimed to possess ten such shares and offered them at ₹1,900 per share.
Finding the price reasonable, the company agreed to buy 5,000 unlisted shares, amounting to ₹95 lakh. Following an email exchange confirming the deal, the company transferred ₹94.95 lakh (after TDS deduction) to Rajat Jain’s bank account and shared the UTR transaction number.
However, Rajat later denied receiving the funds and refused to transfer the shares. Despite being shown proof of the successful transaction, he continued to claim non-receipt of money. When the complainant and his associate visited his Bengaluru residence, he was not found at home. Later, he called them to meet at Hotel Radisson, where he was confronted with evidence.
During the meeting, Rajat agreed to return the money and transferred ₹54 lakh immediately, promising to pay the remaining ₹36 lakh by June. On June 2, he transferred an additional ₹5 lakh but failed to return the balance amount. Repeated reminders went unanswered, and when approached again, he allegedly threatened to file a false molestation complaint if they came to his house. He later switched off his phone.
After the fraud came to light, the complainant filed a formal complaint with Borivali Police. Based on the investigation, police registered a case of cheating and criminal breach of trust against Rajat Jain and arrested him shortly thereafter.
Police officials stated that further investigation is underway to trace the misappropriated funds and verify whether similar complaints have been filed against the accused elsewhere.