Navi Mumbai man loses Rs 19 lakh in online ‘share trading’

In his police complaint, Kharghar resident Suresh Babu Eroth Kunhikannan Nayar said four individuals had been in touch with him for the past few months over some investment plans. He realised he had been duped when the accused gave evasive replies.Senior inspector Gajanan Kadam of the Cyber police station said they have registered a case under the Indian Penal Code for cheating, and the Information Technology Act.

A 46-year-old man from Navi Mumbai lost about Rs 19 lakh after fraudsters lured him with high returns on "share trading", an official said on Friday. In his police complaint, Kharghar resident Suresh Babu Eroth Kunhikannan Nayar said four individuals had been in touch with him for the past few months over some investment plans. Nayar told the police that the accused coaxed him to invest Rs 19.36 lakh through some "share trading" business, promising irresistible returns.

However, Nayar did not get any returns after he paid the money. He realised he had been duped when the accused gave evasive replies.

Senior inspector Gajanan Kadam of the Cyber police station said they have registered a case under the Indian Penal Code for cheating, and the Information Technology Act.