A Mumbai investment fraud complaint alleges that an 85-year-old senior citizen suffered a capital loss of approximately ₹22 lakh after investing retirement savings in a share-trading arrangement promising monthly returns of 7% to 8%. According to the complaint, funds totalling ₹29 lakh were invested between 2017 and 2019 through a trading and demat account linked to Angel Broking Pvt. Ltd. The complainant alleges that operational control remained with Ashit Sheth, who reportedly assured low-risk returns and protection from losses. No guaranteed profits were allegedly received, and the complainant later faced financial hardship while seeking repayment.
Mumbai investment fraud complaint: Senior citizens allege Rs 22 lakh Capital Loss, promised 7% to 8% monthly returns.
A complaint submitted to the appropriate jurisdiction in Mumbai alleges that a senior citizen’s retirement funds were diverted into a share-trading arrangement carrying promises of fixed monthly profits.
The Mumbai investment fraud complaint centres on allegations that an 85-year-old senior citizen was persuaded to invest retirement savings after being promised fixed monthly returns of 7% to 8%.
According to the complaint dated October 20, 2022, the funds were allegedly collected by Ashit Sheth, identified as a resident of Peddar Road, Mumbai 400026.
The complainant, whose name is being withheld by Sprouts News, alleged that the investment proposal was presented as a low-risk arrangement backed by market expertise and guaranteed protection against losses.
The complaint states that Ashit Sheth allegedly claimed to have connections with major market operators and said he usually accepted investments of at least Rs 1 crore.
According to the document, an exception was allegedly made because the investor was a senior citizen, and he was reportedly urged to issue cheques immediately in the name of Angel Broking Pvt. Ltd, and complete management of the demat account was handled by Ashit Sheth.
The complaint further alleges that the investor was told specific script names would not be disclosed because of internal company policy, and that only assured monthly returns should matter.
It also states that a trading and demat arrangement was opened in the complainant’s late wife’s name through Angel Broking Pvt. Ltd., with operational management control allegedly retained elsewhere by Ashit Sheth.
Timeline of the alleged Mumbai share investment dispute.
The complaint says three cheques amounting to Rs 29 lakh were handed over on different dates, beginning with Rs 3 lakh in December 2017, in the name of Angel Broking Pvt. Ltd.
It further lists Rs 25 lakh paid in January 2018 and Rs 1 lakh in June 2019, describing the combined amount as total life investments.
In addition, the complaint alleges that shares worth Rs 81,000 were transferred from Venture Investments into an Angel Broking account allegedly managed and operated solely by Ashit Sheth.
Despite the promised fixed returns, the complainant alleged that no assured profits were paid, and repeated requests were met with statements that profits would be multiplied later.
According to the complaint, this uncertainty continued for an extended period, with the complainant claiming he was repeatedly discouraged from asking for money back.
The complaint also describes severe personal hardship, stating that after the death of the complainant’s wife on January 4, 2021, funds were urgently needed for livelihood expenses.
At that stage, the complainant alleged that he again sought payment of the assured returns, but was instead told that the Angel Broking demat account would be closed.
Recovery claim, police action request and wider implications.
The complaint states that Rs 7,78,000 was returned in March 2021 by Ashit Sheth through Angel Broking and was allegedly described as the final settlement of the account.
However, the complainant claimed this amount was far below the capital invested and left an unrecovered principal amount of about Rs 22 lakh.
The document also claims that the assured monthly profits for three years would total approximately Rs 90 lakh, though that figure remains an allegation made in the complaint.
In the letter addressed to the Senior Police Inspector of the appropriate jurisdiction, the complainant requested criminal action and said the money represented essential retirement savings.
The complaint portrays the alleged loss as a livelihood crisis, stating that the investor had no other revenue source and depended on the funds for post-retirement survival.
At present, the document available is a complaint letter, and any police findings, chargesheet, closure report, or court determination were not included with the material reviewed.
That means the allegations against Ashit Sheth remain claims made by the complainant and should be read as such unless independently confirmed by investigators or judicial records.
The case also reflects a broader concern around informal investment assurances, especially when elderly investors are allegedly offered fixed returns tied to opaque market operations.
Such matters often raise questions about investor protection, suitability standards, documentation, and whether vulnerable individuals fully understand the risks of discretionary trading arrangements.
For now, the complaint remains a serious allegation involving retirement funds, promised returns, and disputed account handling, with any final legal position hinging on the outcomes of the official investigation.
Sprouts News made repeated attempts to contact Ashit Sheth to seek his response to the allegations and the contents of the complaint. However, despite multiple phone calls and efforts to obtain his version, no response had been received at the time of publication. If Ashit Sheth wishes to present his response, clarification, or version of events, Sprouts News remains open to publishing his statement and updating the report accordingly.
Editorial Note:
This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.
