India, Nov. 27 -- A 72-year-old man from Mumbai has reportedly lost Rs.35 crore after allegedly falling to a long-running trading scam. Bharat Harakchand Shah, who lives in Matunga West, claims that a brokerage firm, carried out unauthorised trading using his wife's account over a period of four years.

Shah runs a modest guest house for cancer patients in Parel with his wife. He inherited a stock portfolio following his father's death in 1984. The couple, however, had little knowledge of the stock market and had never actively traded their shares, as per a report by NDTV.

The alleged fraud began in 2020, after Shah, on a friend's recommendation, opened Demat and trading accounts for himself and his wife. They also transferred their inhe...