The property cell of Mumbai Police has busted a share market scamster who had allegedly defrauded 400 to 500 persons of around Rs 170 crore. The prime accused, identified as Ashish Kumar Shah, 44, was held from Chhatarpur district in Madhya Pradesh.

The police have recovered 1,900 grams of gold, Rs 25 lakh in cash, four vehicles, two flats, and two land parcels in Veraval city in Gujarat. The Versova police have registered an FIR in the case, according to which Shah allegedly owned a trading company called Samaryash, and had assured his investors that it is registered with the Security Exchange Bank of India (SEBI).