Navi Mumbai man duped of Rs 4.9 lakh in shares trading fraud

A 23-year-old man from Navi Mumbai lost Rs 4.92 lakh in a shares trading scam after being promised high returns. The victim, employed with an airline, was contacted by an unidentified person who lured him into investing in shares. When the victim sought returns, the accused demanded more money, leading to a police complaint and FIR registration.

A 23-year-old man from Navi Mumbai in Maharashtra allegedly lost Rs 4.92 lakh after being lured with high returns in the trading of shares, police said on Monday.

The police have registered an FIR in this connection against an unidentified person.

The accused contacted the victim, resident of Koproli in Panvel area and employed with an airline, between November 1 and 3 last year and lured him to indulge in shares trading while promising him high returns.

The victim subsequently invested Rs 4,92,000 in shares through the accused, an official from Navin Panvel police station said.

When he sought returns and the invested amount, the accused demanded an additional sum of Rs 8 lakh for facilitating benefits of Rs 1.29 crore to him.

Sensing deception, the victim refused to comply, following which the accused threatened him with the forfeiture of both the invested amount and returns, the official said. The victim approached the police with a complaint, based on which an FIR was registered under relevant provisions on Monday, he added.

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