Navi Mumbai Resident Loses Rs 1.07 Crore in Share Trading Scam

Navi Mumbai, 28th May 2024: In a distressing incident reported from Navi Mumbai, a 48-year-old resident of Kharghar fell victim to a fraudulent scheme, losing a staggering sum of Rs 1.07 crore in an alleged share trading scam orchestrated by fraudsters. The Navi Mumbai cyber police, under the leadership of Senior Inspector Gajanan Kadam, initiated an investigation into the matter, resulting in the registration of a case against 15 individuals, including the proprietors of an application and a website involved in the scheme.

The victim was targeted by the fraudsters between February 13 and May 5, during which they promised him substantial returns through share trading. Under this guise, they convinced him to transfer funds amounting to Rs 1,07,09,000 to various bank accounts. However, when the victim sought the promised returns and requested a refund of his invested funds, the perpetrators failed to fulfil their commitments, leaving the victim in significant financial distress.

Upon realizing that he had fallen prey to deception, the victim promptly complained to the cyber police. Acting on the complaint, authorities registered a case against the accused under relevant sections of the Indian Penal Code, including 419 (cheating by personation), 420 (cheating), and 34 (common intention), along with provisions of the Information Technology Act.

The investigation into this elaborate fraud scheme is ongoing, with law enforcement authorities committed to identifying and bringing the perpetrators to justice.