Vadodara: A retired employee of Gujarat State Fertilizers and Chemicals Limited (GSFC) was cheated of lakhs of rupees by a share broker and his employee, who transferred shares of many companies owned by GSFC employee to her own name.According to Pankaj Shah (67), he used to trade in the capital market through Master Trust, a franchise of Master Capital Services Limited. The franchise was owned by the accused Rajni Panchal and the co-accused Neha Gadge also worked there. In March 2015, Panchal approached Shah asking him to open a demat and trading account. Shah was offered benefits by Panchal as he is a senior citizen.A month later, Shah opened a new demat and trading account with Panchal’s company and transferred shares of various companies including GSFC, HDFC Bank, Reliance Industries among others. The shares were owned by Shah and some shares were jointly owned by him and his wife, Pallavi Shah.When Shah wanted to sell his shares, Panchal made excuses and told him he cannot sell his shares. In October 2016, Shah asked for his account statement which was given to him, but he became suspicious of Panchal. Shah contacted GSFC and was informed that no shares of GSFC were owned by him.When Shah confronted Panchal, the accused told him that Gadge transferred the shares to her account by keeping him in the dark and had sold them. In August 2017, Panchal gave an undertaking in writing to Shah, that he would give him a cheque of Rs 6 lakh by March 2018. When deadline arrived, Shah asked for his money. However, Panchal kept dilly dallying after which Shah approached police.A case of cheating and criminal conspiracy was registered against Panchal and Gadge at Gotri police station on Wednesday.

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