Mumbai Police Book Man For Forging NSE Letterhead To Attempt ₹2.50 Crore Fake Share Transfer
The BKC Police Station has registered an FIR against Gaurav Sahay for allegedly forging the National Stock Exchange of India’s letterhead and logo, and using the fabricated documents to request the transfer of shares worth Rs 2.50 crore to a Demat account.
Case Background
The case was registered on February 11 under Section 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita, along with relevant provisions of the Information Technology Act. According to the FIR, the complainant, Sumed Patil, 47, Chief Manager in the Secretarial and Corporate Compliance Department of NSE, stated that NSE serves as a platform for various companies to buy and sell shares.
In 2023, NSE entered into an agreement with MUFG Intime India Pvt. Ltd., appointing it as its Registrar and Transfer Agent (RTA) to handle matters related to its shares. The company’s office is located in Vikhroli West. NSE discontinued paper share certificates in 2019 and had informed all investors and companies in advance.
Suspicious Share Transfer Request
On December 3, 2025, MUFG Intime India Pvt. Ltd. informed NSE via email that, on November 28, 2025, Gaurav Kumar Sahay had submitted share certificates via email, purportedly worth Rs 2.50 crore, and requested that the shares be converted into Demat form.
Upon examining the folio details and cross-checking the records, the NSE found that the concerned folio number, documents and shares did not exist in its records, raising suspicion. For more information on Demat account and its benefits, you can visit our website.
Forged Documents and Demat Request
Subsequently, on January 20, 2026, Sahay allegedly sent another email to MUFG Intime India Pvt. Ltd., requesting that the shares worth Rs 2.50 crore be immediately transferred to a Demat account bearing NSDL account number IN306114.
However, verification revealed that no such folio number, shareholder name or shares existed. Further inquiry confirmed that the documents submitted by him were forged. To learn more about stock market news and updates, you can follow our blog.
FIR Registered
Following this, NSE filed a complaint, after which the police registered a case against Sahay. The FIR states that Sahay allegedly created the forged documents between December 3, 2025 and January 20, 2026, using electronic devices.
This incident highlights the importance of investor awareness and the need for investors to be cautious when dealing with share transfers and Demat accounts. For more information on Indian stock market and its trends, you can visit our website.
Prevention of Fraudulent Activities
To prevent such fraudulent activities, investors should always verify the authenticity of documents and ensure that they are dealing with authorized representatives of the stock exchange. They should also be aware of the SEBI guidelines and regulations regarding share transfers and Demat accounts.
In conclusion, the case of Gaurav Sahay highlights the importance of investor awareness and the need for caution when dealing with share transfers and Demat accounts. Investors should always verify the authenticity of documents and ensure that they are dealing with authorized representatives of the stock exchange. For more information on stock market tips and updates, you can follow our blog.
