Businessman Arrested in Rs 36 Lakh NSE Shares Scam

A businessman, Rajat Amar Chandra Jain, was arrested in Bengaluru for allegedly cheating a company of Rs 36 lakh by promising unlisted NSE shares. Though he returned part of the amount, he misappropriated Rs 36 lakh. The case was reported by a stock market consultant.

A 39-year-old businessman was apprehended in Bengaluru for allegedly defrauding a private company out of Rs 36 lakh. He promised to sell unlisted National Stock Exchange (NSE) shares, according to a police statement on Thursday.

The suspect, identified as Rajat Amar Chandra Jain, reportedly took Rs 95 lakh from the company. While he returned Rs 59 lakh, he allegedly misappropriated the remaining Rs 36 lakh. The complainant is a Borivali-based stock consultant managing the company's share transactions.

The company planned to buy unlisted NSE shares in May 2025 when an acquaintance introduced them to Jain. He offered the shares at Rs 1,900 each, and the company agreed to purchase 5,000, totaling Rs 95 lakh. Despite transferring the funds, Jain denied receipt and refused share transfer, leading to police involvement.

(With inputs from agencies.)