Mumbai Police's Economic Offences Wing (EOW) arrested an individual in Kolkata on June 18 for allegedly embezzling Rs 14 crore in a government shares case. Identified as Chetan Bhupendra Shah, the accused faces charges under sections 420, 465, 467, 468, 471, and 120B of the Indian Penal Code, as reported by Joint Police Commissioner Nishith Mishra from the Financial Crimes Branch.
Shah was apprehended at the New Market Police Station in Kolkata and subsequently presented in the CMM court for transit remand, which was granted until June 23. Originally from Goregaon East, Mumbai, Shah was hiding in a New Market hotel in Kolkata before his arrest on Tuesday evening. He was then brought before the local court to request transit remand.
Chetan Shah, a resident of Goregaon in Mumbai's western suburbs, was involved in a government shares fraud case that caused a loss of over 14.1 crore rupees to a major broking and investment firm.
Shah and his associates allegedly accessed client data from the broking firm and illegally operated their shares for profit, resulting in significant financial losses for the company, according to Mumbai Police.
The case was registered last year, and several arrests have been made previously. Shah was taken to the New Market Police Station on the night of June 18 and is now being transported to Mumbai by the police.