Navi Mumbai man cheated of Rs 45.69 lakh in share trading fraud

A 44-year-old man from Navi Mumbai lost Rs 45.69 lakh to cyber fraudsters who lured him to invest in share trading, an official said on Tuesday.

Based on a complaint, a first information report has been registered against five persons under sections 420 (cheating), 406 (criminal breach of trust) and other relevant provisions of the Indian Penal Code and the Information Technology Act, an official from the cyber police station said.

The complainant has alleged that the accused contacted him on different social media platforms and lured him to invest in share trading, assuring good returns, the official said. The complainant invested Rs 45.69 lakh between March 2 and April 14, and has claimed that he did not get any returns and could not recover the invested amount, he said.

The police are trying to establish the identities of the accused with the help of the mobile numbers, WhatsApp groups and telegram IDs they used to contact the complainant, the official said.

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