Navi Mumbai: 58-year-old man loses Rs 1.4 crore to cyber fraud

The Navi Mumbai police in Maharashtra have filed a case against five individuals for allegedly defrauding a 58-year-old man of approximately Rs 1.4 crore by making promises of substantial returns.

Citing the complainant, the official said the accused convinced the man, who lives in Vashi, that he would get handsome returns if he invested in shares through them.

Subsequently, they supplied him with links and convinced him to make payments totaling Rs 1.37 crore from July to October this year, as stated by an official. However, when the man did not receive any returns as promised, he decided to approach the police.

The Navi Mumbai police on Wednesday registered a case under the Indian Penal Code and IT Act. The first information report (FIR) names the accused as Aryan Bhavar, Aryan Gupta, Emma, Gloria and Group Admin of ‘Stock Market Alliance VIP 991, the official said, adding that the cyber police are probing the matter.