Elderly Couple Defrauded of Rs 17.5 Lakh in Investment Scam

An elderly couple from Thane, Maharashtra, fell victim to a financial scam after being cheated of Rs 17.5 lakh by Amit Yuvraj Karle, who promised profitable stock investments. The suspect is under investigation and already in custody for other offenses.

An elderly couple in Maharashtra's Thane district has been defrauded of Rs 17.5 lakh by an individual who enticed them with promises of high returns on stock investments, according to a police report filed Tuesday.

The accused, Amit Yuvraj Karle, a resident of Panvel, Navi Mumbai, is facing charges under sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita. He allegedly introduced himself to the victims in December 2024, claiming ownership of 5,000 unlisted shares of NSDL and 3,000 shares of the NSC, which he promised would soon be publicly listed.

The couple transferred a total of Rs 24.5 lakh to Karle between January and March 2025. After legal threats, Rs 7 lakh was returned, but the Rs 17.5 lakh balance and the shares remain unaccounted for. The fraud was uncovered when the couple learned Karle was already incarcerated on unrelated charges, prompting further investigation.

(With inputs from agencies.)