Navi Mumbai Man Scammed of Rs 65 Lakh in Fake Share Trading Scheme

A Navi Mumbai resident was defrauded of Rs 65 lakh by three individuals promising lucrative returns from a share trading deal. The victim transferred the money between May and August, but the returns never came. Cyber police have registered a case and are investigating.

A man from Kalamboli in Navi Mumbai was deceived of Rs 65 lakh by three individuals who assured him of handsome returns through share trading, a police official stated on Friday.

The victim, lured by the promise of high gains, transferred Rs 65 lakh into several accounts between May and August this year. However, the anticipated returns failed to materialize, according to Senior Inspector Gajanan Kadam of Navi Mumbai's Cyber police station.

'A case of cheating and other offenses under the Indian Penal Code and Information Technology Act has been registered against three persons, one of whom is a woman. No arrests have been made yet, and investigations are ongoing,' Kadam added.