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

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.

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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.

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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.

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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)