Mumbai: The Mumbai Police Economic Offences Wing (EOW) made a high profile arrest of Malabar Hill resident from Delhi Airport on Sunday.

The director of Anchor Group, 50-year-old Hemang Shah was arrested for allegedly defrauding his elder brother, Mehul Shah, of Rs 9 crore while investing proceeds of the sale of their firm, Anchor Electricals to Panasonic Electricals.

Last November Last Nov, Mumbai EOW had filed a criminal case against Anchor Group co-founder, Jadavji Lalji Shah and Anchor Leasing Pvt Ltd for allegedly cheating Ashwin Sheth of Sheth Developers Pvt Ltd of Rs 51 crore. Anchor Electricals was established in 1963 by brothers Jadhavji Shah and Damji Lalji Shah.

When the company was sold to Panasonic Electricals for ₹2,500 crore in 2007, the two brothers divided the money equally among themselves. Jadhavji and his sons Mehul and Hemang Shah subsequently set up 180 companies including Great White Global Private Limited, Good Value Financial Private Limited, Anchor Leasing Private limited and Anchor Enterprises Private Limited. These companies were all based out of Peninsula Business Park in Lower Parel.

The deceptive financial transactions were done from their businesses based in Peninsula Business Park, Lower Parel, between March 2020 and May 2025 on the pretext of investments in mutual funds for higher returns.

According to Mehul Shah’s complaint to the police, in 2020, Hemang told him that there was surplus money in their companies’ bank accounts on which they were earning only 5-6% interest. Hemang also claimed that they could earn 10-12% interest if the money was invested debentures or mutual funds.

According to the EOW investigation, Hemang opened a series of demat accounts: nine under Mehul and his family members' names, eight in his own family's names, and one corporate account under Great White Global Pvt Ltd.

The annual investment report from Anand Rathi showed discrepancies in the demat account balances with Mehul's family account reflecting only Rs 47.4 crore while Hemang's family account stood at Rs 181.3 crore proving an unequal investment distribution.