Ronak Chordia, who lost `40 lakh, lodged a complaint with the Joint Commissioner of Police, East, R Sudhakar.
Based on the complaint, a special team raided Shah’s office at Osiyam Arcades on Hunters Road in Egmore.
The raid was headed by then Vepery Inspector Gunavarman.
Shah, who was later arrested, alleged that Rs93 lakh was seized from his office but the inspector showed only Rs53 lakh as seized.
Shah told the police that the inspector approached him through his advocate, seeking Rs3 lakh to not arrest him.