Jamnagar Doctor accuses brokerage firm directors of Rs 41 lakh fraud

Rumela De Sarkar

Jamnagar Doctor accuses brokerage firm directors of Rs 41 lakh fraud

Written By : Rumela De Sarkar Published On 2026-02-18T13:58:10+05:30 | Updated On 18 Feb 2026 1:58 PM IST

Doctor Alleges Share Misappropriation by Jamnagar Brokerage Firm

Rajkot: In a shocking case of alleged financial fraud, a Jamnagar-based doctor has accused five directors of a brokerage firm of duping him of over Rs 41 lakh by failing to credit purchased shares to his demat account and allegedly diverting the funds for personal use.

The complainant, Dr. Kishor Sajjanmal Maheshwari, who runs Jamnagar Maheshwari Hospital, filed a complaint at the Jamnagar City B Division police station alleging breach of trust and misappropriation against the directors of Arcadia Shares and Stock Brokers Private Limited.

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According to the complaint, the doctor had opened a trading account with the firm in 2009. Trading activity in the account was reportedly halted in February 2021. Around that time, one of the directors reportedly informed him via email that the company had been “frozen by NSE due to suspicious financial activities.”

The alleged discrepancies came to light after he received a 29-page order dated February 8, 2024, from the National Stock Exchange of India (NSE). The order reportedly stated that investments made in six blue-chip companies and other firms were not reflected on the NSE platform. Police said the total investment involved 10,092 shares valued at approximately Rs 41.86 lakh.

The complaint names five directors alleging criminal breach of trust and financial misconduct.

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Speaking to TOI, the police said the complainant initially did not approach authorities as he had received assurances from the accused that the funds would be returned. He also cited close family relations with the directors as the reason for his continued trust. However, after the amount remained unrecovered and based on documentary evidence, including margin and ledger statements, he decided to file a formal complaint. An earlier press release issued by the NSE had advised investors facing issues with Arcadia to lodge complaints.

Police have registered a case under Sections 316(5) and 54 of the Bharatiya Nyaya Sanhita (BNS).

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Rumela De Sarkar

With a keen interest in storytelling and a dedication to uncovering facts, Rumela De Sarkar joined Medical Dialogues as a Correspondent in 2024. She holds a Bachelor’s degree in English Literature from the University of North Bengal. Rumela covers a wide range of healthcare topics, including medical news, policy updates, and developments related to doctors, hospitals, and medical education