Mumbai businessman loses ₹35 crore in major share-market fraud; EOW begins probe
Mumbai
A 72-year-old entrepreneur from Matunga lost ₹35 crore after being misled by brokerage Globe Capital Market. Mumbai EOW has registered an FIR and launched an investigation.
Mumbai, November 27, 2025 – A massive share-market scam has surfaced in the city after a senior entrepreneur from Matunga West reported losing ₹35 crore to Globe Capital Market, a brokerage firm he had trusted for years. The 72-year-old investor and his wife had handed over the management of their demat account to the company, believing their investments were being handled safely. For more than four years, they thought the trades being carried out in their account were legitimate and in their interest.
According to the complaint, the company’s agents gained the couple’s trust by promising secure trading and regular profits. They convinced them that new investments were not required and that the existing holdings could generate steady returns. Over time, the agents obtained access to their demat account, OTPs and email, giving them complete control over transactions. The victims say they rarely questioned reports shared by the company because everything appeared normal and profitable on paper.
The situation changed dramatically when the couple received a statement in 2024 showing a shocking debit of ₹35 crore. The firm demanded immediate repayment, threatening liquidation of their remaining shares if the amount was not cleared. Disturbed by the sudden liability, the couple reviewed their past trade history, downloaded statements and compared them with the documents shared earlier by the brokerage. This review reportedly exposed several discrepancies, including unauthorised trades, circular transactions and inflated reports meant to hide losses.
Realising the extent of the fraud, the victim approached the Economic Offences Wing. An FIR has been registered at the N M Joshi Police Station, and investigators have started examining the case in detail. Officers are studying money trails, trade logs, email access patterns and communications between the victims and the company representatives. They suspect more investors may have faced similar issues but might be hesitant to speak up.
The case has revived concerns about senior citizens being targeted by sophisticated financial scams. Experts say many elderly investors rely heavily on trust, making them vulnerable when brokers misuse access to demat accounts. They also warn that regular verification of trades, independent audits and restricted sharing of OTPs are essential to avoid similar losses. In this instance, the prolonged trust placed in the brokerage firm allowed the alleged fraud to continue unnoticed for years.
The victim, a seasoned businessman, has expressed disbelief at how easily his confidence was exploited. Friends and family members say the financial shock has been emotionally overwhelming, especially considering the scale of the loss. The incident has also shaken confidence among his wider network of investors, many of whom are now rechecking their own trading accounts and brokerage agreements.
As the investigation progresses, police are urging anyone who has dealt with the same firm and noticed unexplained trades or irregularities to come forward. Financial regulators may also step in once more details emerge. For now, the case serves as a stark reminder that financial fraud can occur even through established firms if oversight is weak or trust is misplaced.