Senior citizens claim unauthorised trades in Axis Securities case.

Axis Securities FIR: Senior Citizens Allege ₹1.70 Crore Fraud, Raise Alarm Over Brokerage Oversight in Mumbai

Axis Securities is facing an FIR in Mumbai after senior citizens alleged unauthorised trading and financial manipulation that led to losses of ₹1.70 crore. The complaint claims trades were executed without consent across multiple accounts over several years. The case has raised concerns about brokerage oversight, internal controls, and investor protection within India’s securities market. Authorities are examining transaction records and compliance procedures.

Axis Securities FIR has triggered concern after senior citizens from a Mumbai family alleged unauthorised trading and financial manipulation causing losses of nearly ₹1.70 crore across multiple demat and trading accounts.

The complaint highlights how complex trading systems, weak internal controls, and delayed accountability can expose ordinary investors, particularly elderly citizens, to devastating financial and emotional consequences.

According to the FIR, the alleged misconduct spans several years, involving repeated trades executed without consent, misuse of login credentials, and systematic suppression of transaction evidence.

The case now raises serious questions about compliance culture within large brokerage houses and the effectiveness of investor protection mechanisms in India’s fast-growing securities market.

Who are the complainant and accused as per FIR records

The complainant named in the FIR is Ajay Natwarlal Shah, a Mumbai resident, who filed the complaint on behalf of his family members, including senior citizens affected by the alleged unauthorised trading.

The FIR names Axis Securities Limited, a SEBI-registered brokerage firm, as the primary accused entity, along with its concerned officials and franchise branch staff, whose individual names are subject to investigation.

At this stage, the FIR attributes alleged wrongdoing to the institution and its authorised representatives, pending identification of specific employees through forensic and documentary examination.

To view the FIR copy – click here

Allegations of unauthorised trading and forged documentation

The complaint alleges that trades were executed without consent using forged trade confirmation slips, while clients were falsely shown as walk-in customers to bypass verification safeguards.

Even after physical deal slips were discontinued, trading allegedly continued using illegal access to multiple client logins within the branch premises under misleading pretexts.

The complainant claims repeated objections were ignored, while high-risk trades continued, compounding losses through brokerage charges, interest, and leveraged exposure.

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Financial impact across family accounts raises systemic concerns

The alleged losses of approximately ₹1.70 crore were spread across five family trading accounts, intensifying concerns about coordinated account handling rather than isolated operational errors.

Such patterns, experts say, often indicate deeper compliance failures where supervisory controls fail to flag repeated breaches across linked accounts.

The FIR also notes that elderly family members’ life savings were allegedly placed at risk without informed consent or adequate risk disclosure.

Evidence cited includes CCTV, audio recordings, and digital logs

A former employee, described as a whistleblower, has stated that CCTV cameras were operational inside the working room until March 31, 2025, potentially capturing unauthorised trading activity.

Audio recordings submitted with the complaint allegedly capture abusive language and instructions by staff to execute unauthorised trades, further strengthening claims of internal misconduct.

The complainant alleges that requests for call records, trade logs, and internal audit trails were denied or delayed, raising concerns about evidence preservation.

Why this case matters for investor protection?

This FIR underscores vulnerabilities faced by retail investors navigating complex trading platforms operated by large institutions and franchise networks.

Senior citizens, in particular, depend heavily on transparent processes and ethical advisory practices, making accountability failures especially damaging.

Market observers warn that unchecked franchise operations can dilute compliance standards unless parent institutions enforce rigorous oversight and independent audits.

Regulatory and legal implications ahead

The FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita, 2023, and the investigation is expected to include forensic analysis of digital records and branch operations.

As per the FIR records, Pankaj Bindu Jha, Zishan Ahmed, Janak Arvindbhai Shah, Ram Nilankar, Shiroj Shah, Arpan Jain, and Nitin Tarsem Nayyar have been named as accused in connection with the case under investigation. Their alleged roles, responsibilities, and level of involvement remain subject to detailed police inquiry, forensic examination of records, and further legal proceedings as the investigation progresses.

Legal experts note that criminal proceedings, alongside regulatory scrutiny, could set important precedents for brokerage accountability and investor grievance redressal.

Sprouts News will continue monitoring developments, viewing this case as a critical test of how India safeguards senior citizens and retail investors within an increasingly complex financial ecosystem.

Unmesh Gujarathi, an investigative journalist, and the Sprouts News Investigation Team have always stood firmly against injustice. If you are facing any kind of injustice, please feel free to contact our team at 9322755098.