Navi Mumbai Man Falls Victim to Rs 1.07 Crore Share Trading Scam

A 48-year-old man from Navi Mumbai was scammed out of Rs 1.07 crore by fraudsters promising lucrative returns through share trading. The cyber police have registered a case against 15 people, including app and website owners. The cyber police are investigating the incident under relevant sections of the IPC and IT Act.

A 48-year-old man from Maharashtra's Navi Mumbai township has allegedly been duped of Rs 1.07 crore after being lured by fraudsters into share trading for good returns, police said on Monday.

A case was registered in this connection on Sunday against 15 persons, including owners of an app and a website, and a probe was on into it, they said.

The fraudsters contacted the victim, resident of Kharghar, on various occasions between February 13 and May 5, assured him lucrative returns by getting into share trading and allegedly made him pay money in different bank accounts, Navi Mumbai cyber police's senior inspector Gajanan Kadam said. The man deposited Rs 1,07,09,000 in various bank accounts, but when he sought returns and refund of the money invested by him in shares, the fraudsters failed to respond, the official said. After realising that he has been cheated, the man approached the cyber police with a complaint.

Based on the complaint, the police on Sunday registered the case under Indian Penal Code sections 419 (cheating by personation), 420 (cheating) and 34 (common intention) and provisions of the Information Technology Act, the official said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)