Here’s how a Navi Mumbai man lost ₹1.07 crore in share trading fraud…

Fraudsters in Navi Mumbai duped a man of 1.07 crore by promising high returns in share trading. After realizing the scam, the victim filed a case with cyber police, who are investigating the case under the IPC and IT Act provisions.

Livemint
First Published27 May 2024
Kharghar man allegedly duped of  <span class='webrupee'>₹</span>1.07 crore after being lured by fraudsters into share trading
Kharghar man allegedly duped of ₹1.07 crore after being lured by fraudsters into share trading(iStock)

A 48-year-old man from Kharghar in Navi Mumbai, was allegedly defrauded of 1.07 crore by people promising high returns through share trading, police said on May 27, according to a PTI report.

A case was registered against 15 accused, including the owners of an app and a website, on Sunday (May 26), as part of the ongoing investigation, it added.

Track | Cyclone Remal Live Updates: Cyclonic storm claims two lives in Bangladesh as heavy rainfall continues

The Scam

The victim, a resident of Kharghar township in Maharashtra's Navi Mumbai district, was contacted multiple times between February 13 and May 5. The fraudsters assured him of lucrative returns through share trading, convincing him to deposit money into various bank accounts, according to senior inspector Gajanan Kadam of the Navi Mumbai cyber police.

Also Read | Delhi Excise Policy Scam: Arvind Kejriwal seeks 7-day extension of interim bail from Supreme Court to complete health check-up

The victim transferred a total of 1,07,09,000 into different bank accounts. However, when he requested returns and a refund of his invested money, the fraudsters did not respond, the official stated.

Realising he had been deceived, the man filed a complaint with the cyber police. Based on this complaint, the police registered a case on Sunday under sections 419 (cheating by personation), 420 (cheating), and 34 (common intention) of the Indian Penal Code, as well as provisions of the Information Technology Act, the official confirmed.

Also Read | Pune Porsche crash case: Two doctors from Sassoon General Hospital arrested for blood sample tampering 

Fraud Cases

Seven directors from a finance company were charged with defrauding Axis Bank of 22.29 crore, according to a statement from a Mumbai police official on May 9, PTI reported.

A criminal case involving charges of cheating, forgery, and breach of trust was lodged at the Cuffe Parade police station following court orders. The complaint, leading to the FIR, was filed by a 43-year-old assistant vice president of Axis Bank, PTI reported.

(With inputs from PTI)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsIndiaHere’s how a Navi Mumbai man lost ₹1.07 crore in share trading fraud…

Most Active Stocks

Bharat Electronics

309.55
10:29 AM | 14 JUN 2024
8.6 (2.86%)

Indian Oil Corporation

170.30
10:25 AM | 14 JUN 2024
1.2 (0.71%)

HDFC Bank

1,597.45
10:28 AM | 14 JUN 2024
16.55 (1.05%)

State Bank Of India

840.20
10:29 AM | 14 JUN 2024
-3.7 (-0.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

JK Paper

490.70
10:25 AM | 14 JUN 2024
44.35 (9.94%)

KRBL

310.05
10:22 AM | 14 JUN 2024
23.05 (8.03%)

Poly Medicure

2,003.00
09:59 AM | 14 JUN 2024
142.9 (7.68%)

KEC International

935.20
10:25 AM | 14 JUN 2024
66.25 (7.62%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,303.00-503.00
    Chennai
    73,663.00-143.00
    Delhi
    74,166.00431.00
    Kolkata
    73,016.00-72.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L3.02
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App