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Business News/ News / India/  Navi Mumbai man loses 45.69 lakh to cyber fraudsters in share trading scam; Here's how

Navi Mumbai man loses ₹45.69 lakh to cyber fraudsters in share trading scam; Here's how

Navi Mumbai: The victim invested ₹45.69 lakh between March 2 and April 14. The Navi Mumbai Police is yet to find the accused.

Cyber fraudsters duped a man in Navi Mumbai in a share trading scam (REUTERS)Premium
Cyber fraudsters duped a man in Navi Mumbai in a share trading scam (REUTERS)

A man from Navi Mumbai fell victim to cyber fraudsters who convinced him to invest 45.69 lakh in share trading with promises of high returns.

The man, 44, alleged that the accused contacted him on different social media platforms and lured him to invest in share trading, assuring good returns, the police said.

The victim invested 45.69 lakh between March 2 and April 14 but did not get any returns. Besides he could not recover the invested amount.

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So far, the police have filed a case against five accused.

The police have registered FIR under sections 420 (cheating), 406 (criminal breach of trust), and other relevant provisions of the Indian Penal Code and the Information Technology Act.

The police are investigating with the help of mobile numbers and social media IDs.

Last month, the Navi Mumbai cyber police busted a share trading scam in Thane district. The police arrested accused Piyush Jawarilall Lodha, 39, from Mira Road and seized seven mobile phones, 15 SIM cards, nine ATM cards from different banks, two chequebooks, two PAN cards, and four rubber stamps.

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The scam came to light after a man lodged a complaint, in which he alleged that he was duped of 29 lakh between January 18 and February 29.

Separately, on Monday the Gurugram's cybercrime police arrested 2 "fraudsters in the last 45 days for allegedly duping thousands of people across the country of over 64 crore.

The police said that a total of 18,163 complaints had been filed and 865 cases registered against them.

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Out of the total cases, 39 cases are registered in Haryana.

According to ACP Priyanshu Diwan, three laptops, 41 mobile phones, and eight SIM cards were seized from the arrested accused.

After examining the SIM cards and reviewing the data from the Indian Cyber Crime Coordination Center (I4C), it was found that they committed fraud of about 64.85 crore across the country.

Last week, the Gurugram Police recovered 1.32 crore of defrauded money from cyber fraudsters and returned it to the victim.

An FIR was registered and seven people, including two employees of Yes Bank, were arrested.

The arrested accused were identified as Pinki, Vikar, Prakash, Dharmender, Suraj and Pooja.

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Published: 16 Apr 2024, 02:21 PM IST
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