Financial Fraud Strikes Thane: Victim Loses Rs 40.75 Lakh in Stock Trading Scheme

Thane, 10th June 2024: A 48-year-old individual residing in Thane city, Maharashtra, has reportedly fallen victim to financial fraud, resulting in a substantial loss of Rs 40.75 lakh in a stock trading scheme. Allegedly lured by promises of high returns, the victim found himself ensnared in a deceptive web.

Similarly, in Nagpur city, a retired bank employee has purportedly been defrauded of Rs 87.6 lakh by cybercriminals operating within the realm of share trading. Exploiting the retiree’s trust, the fraudsters orchestrated a scheme that led to significant financial harm.

Regarding the Thane case, law enforcement authorities have initiated proceedings against four individuals in connection with the incident, as informed by police sources.

Modus Operandi:

The perpetrators engaged the victim, employed in a private company, on multiple occasions since March this year, eventually adding him to a WhatsApp group. They then persuaded him to engage in stock trading by downloading a specific application, through which the invested funds were diverted into the accounts of the accused, according to statements provided to PTI by an official.

Subsequently, when the victim sought returns and attempted to retrieve the invested amount, the accused provided elusive responses. Following a complaint lodged by the victim, the police registered an FIR against four individuals under relevant legal provisions.

Nagpur Case:

In a separate incident in Nagpur, based on a complaint, law enforcement authorities have registered a case under pertinent sections of the Indian Penal Code and the Information Technology Act.

Reportedly, the 60-year-old complainant received a message purportedly from his daughter’s Instagram account, advocating investment opportunities with the promise of substantial returns after completing online courses via an application. Acting upon this, he proceeded to download the application, completed the online courses on May 16, and subsequently received investment suggestions for various companies.

The complainant transferred Rs 87.6 lakh to the bank accounts of three companies through immediate payment service (IMPS) for investments. However, upon realizing the absence of any returns, he became aware of the deception perpetrated against him.