MUMBAI: The economic offences wing (EOW) of Mumbai Police has registered an offence of cheati ng and misappropriation of funds against the directors of Arcadia Share and Stock Brokers Pvt Ltd, Nitin Brahmabhatt and Anthony Sequeira, and others for allegedly cheating investors of Rs 21 crore.
The Mumbai-based stockbroking firm was declared as defaulter and expelled by National Stock Exchange (NSE) and Bombay Stock Exchange in July pursuant to multiple complaints of fraudulent activities and misappropriation filed by several investors.
On November 17, Mahim resident Denzil Lobo filed a complaint with BKC police alleging that Arcadia and its representatives had retained over 2.7 lakh shares with market value of nearly Rs 4.4 crore in various companies purchased by him and his family and misappropriated the money into its own proprietary accounts. Lobo also claimed that the accused misappropriated Rs 3 crore from his family’s funds lying as outstanding credit balance. Investors Miguel D’Souza and Lionel Gomes also filed similar complaints of Rs 10.8 crore and Rs 3.2 crore, respectively.
The case was later taken over by the EOW share unit, said Waseem Pangarkar, senior partner MZM Legal LLP, representing the complainants. Brahmabhatt and Sequeira did not respond to TOI’s calls and text messages.
