Bank Manager, Brother and Friend Duped of Rs 84 Lakh in 'Share Trading' Fraud

The police in Maharashtras Palghar district have registered a case against seven persons for allegedly duping a private bank manager and two others of over Rs 84 lakh promising high returns on investment, an official said on Friday. The Manickpur police on Wednesday registered a case against seven persons for cheating, the official said.

The police in Maharashtra's Palghar district have registered a case against seven persons for allegedly duping a private bank manager and two others of over Rs 84 lakh promising high returns on investment, an official said on Friday. Between March and April, two of the accused coaxed the bank manager, a resident of Vasai, into buying "IPOs (initial public offering) and shares". Later, his brother and friend also joined in.

Altogether, the three complainants invested Rs 84.63 lakh, the official said. However, when the trio sought returns on their investment, the accused stopped communicating with them. Realising that they had been scammed, the three approached the police. The Manickpur police on Wednesday registered a case against seven persons for cheating, the official said.

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