Maharashtra: Man cheated of Rs 45.69 lakh in share trading fraud in Navi Mumbai

A man from Navi Mumbai lost Rs 45.69 lakh to cyber fraudsters who lured him to invest in share trading, a police official said on Tuesday, reported the PTI.

Based on a complaint, a first information report (FIR) has been registered against five persons under sections 420 (cheating), 406 (criminal breach of trust) and other relevant provisions of the Indian Penal Code and the Information Technology Act, an official from the cyber police station said, as per the PTI.

The 44-year-old complainant has alleged that the accused contacted him on different social media platforms and lured him to invest in share trading, assuring good returns, the official said.

The complainant invested Rs 45.69 lakh between March 2 and April 14, and has claimed that he did not get any returns and could not recover the invested amount, he said, according to the PTI.

The police are trying to establish the identities of the accused with the help of the mobile numbers, WhatsApp groups and telegram IDs they used to contact the complainant, the official said, the news agency reported.

Man duped of Rs 89 lakh in online share trading

Meanwhile, in an another incident, in February this year, the Navi Mumbai Police had registered a case against six people for allegedly cheating a stock market trader of Rs 89 lakh, an official had earlier said on Tuesday, reported the PTI.

On the complaint of a resident of Kharghar in Navi Mumbai, a case was registered on February 12, he had said, as per the PTI.

As per the complaint, the six alleged cyber fraudsters lured the victim into investing into the stock market. They did not reveal their names to him and used mobile phones, social messaging apps and websites to communicate with him, according to the PTI.

Between December 25 last year and February 9 this year, he transferred a total of Rs 89 lakh into various bank accounts mentioned by the accused. However, when the victim later tried to retrieve his invested amount along with the returns through a mobile application, he failed to do so, he said.

Realising that he had fallen victim to a scam, the victim approached the police and filed a complaint, he said.

A case under various Indian Penal Code (IPC) sections, including cheating, and the Information Technology Act, was registered at the Cyber police station in Navi Mumbai.

(with PTI inputs)