Thane Police recover Rs 10 lakh lost by woman in stock market trading scam

The Thane Police in Maharashtra have recovered more than Rs 10 lakh belonging to a woman who fell victim to an online stock trading scam in Thane district, an official said on Monday, reported the PTI.

According to the PTI, sseveral months ago, the victim, a resident of the Kashimira area, was lured into investing in the stock market with promises of high returns, an official press release by the Mira-Bhayandar Vasai-Virar (MBVV) police said.

However, she was cheated of more than Rs 10 lakh by fraudsters and subsequently filed a police complaint. Based on the complaint, an FIR (first information report) was registered at the Kashimira police station under sections 420 (cheating), 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code and relevant provisions of the Information Technology Act, it said, as per the PTI.

The Thane Police swiftly initiated an investigation and uncovered that the victim`s funds had been transferred to various bank accounts. They managed to freeze these account in coordination with the banks concerned, said the release, the news agency reported on Monday.

Pursuant to legal proceedings and persistent follow-up by officers of the Kashimira police station, the entire sum of Rs 10,29,312 lost by the woman in the fraud was recovered and restored to the victim`s account, it added.

Meanwhile, in an another incident, a cloth merchant from Bhiwandi in Thane district of Maharashtra has allegedly been duped of more than Rs 1 crore by two traders hailing from Ahmedabad, police said on Monday, reported the PTI.

The accused duo used to purchase goods from the merchant regularly and initially settled the dues regularly. However, later they defaulted on payments amounting to Rs 1.14 crore from September 2023 till now, an official said quoting the FIR, as per the PTI.

The accused duo, identified as Bhavesh Kesur and Alpesh Patel, hailed from Ahmedabad, a Bhiwandi police station officer said, according to the PTI.

Police registered a case on the charge of cheating against the duo on Sunday, he said, adding that no arrest has been made so far, the news agency reported on Monday.

(with PTI inputs)

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