Nagpur industrialist duped of Rs 50 lakh on promise profits from share trading

Police have registered a case against four persons for allegedly duping a Nagpur-based industrialist of nearly Rs 50 lakh on the false promise of huge profit from trading in shares in Singapore stock market, police said.Victim A Vishnu Prakash 44, owner of A P Industries located in MIDC here, lodged a police complaint in this regard, police said.


PTI | Nagpur | Updated: 14-09-2022 23:08 IST | Created: 14-09-2022 23:08 IST
Nagpur industrialist duped of Rs 50 lakh on promise profits from share trading
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Police have registered a case against four persons for allegedly duping a Nagpur-based industrialist of nearly Rs 50 lakh on the false promise of huge profit from trading in shares in Singapore stock market, police said.

Victim A Vishnu Prakash (44), owner of A P Industries located in MIDC here, lodged a police complaint in this regard, police said. Prakash had befriended Pravin Kumar Bansal, Trilok Tripathi, Nilesh Rai and Nishant Kukreja on Instagram, who lured him to invest in share trading in Singapore Exchange Ltd by promising huge profits, they said.

''After winning his confidence, they asked him to deposit money into their bank accounts. Accordingly, he transferred Rs 49,94,743 in August this year. However, they neither shared any profit, nor returned the amount invested by him,'' an official said. On the basis of his complaint, police registered a case under Indian Penal Code (IPC) sections 420 (cheating), 34 (common intention) and under the Information Technology Act.

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

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