A 48-year-old man from Kharghar in Navi Mumbai has been allegedly duped of Rs 1.07 crore by people promising high returns through share trading, according to a PTI report on May 27. 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.
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 police.
The victim transferred a total of Rs 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.
The incident is a reminder of the growing threat of cybercrime and the importance of being vigilant against such scams. Investors should be cautious of unsolicited offers of high returns and should only invest through reputable platforms and institutions.
