Mumbai: Senior Citizen Cheated of ₹41 Lakh on Pretext of Share Market Investment; Arrested

The Gamdevi Police have arrested a wanted accused for allegedly cheating a senior citizen of around ₹41 lakh under the guise of investing in the share market. The arrested accused has been identified as Amol Patil, who is currently in police custody in connection with this case. A woman named Priya Sharma has also been named as a co-accused. Police suspect that the duo, along with other accomplices, may have committed similar offences. Amol Patil is currently being interrogated, and following his questioning, search operation will be launched to trace and arrest the remaining accused.

According to the complaint, the 90-year-old victim, who resides with his brother in Malabar Hill, received a message from an unknown number in January 2025. The message claimed that the sender’s company had launched a trading app offering shares of various companies at 5 to 20 percent below market price. The victim was advised to invest in these shares. The message also contained a mobile number, which the victim contacted. The call was answered by a woman identifying herself as Priya Sharma, who claimed to work for the company and encouraged him to invest in shares offered by them.

When the victim refused to invest over the phone and insisted on visiting the office, Priya Sharma directed him to their supposed office located on Mahatma Gandhi Road in Fort. A few days later, the senior citizen visited the location. Priya Sharma met him in the lobby and explained that the company purchased shares in bulk directly from listed companies, enabling them to offer discounts.

After gaining his confidence, she opened a trading account for him. Between February and April 2025, the senior citizen invested ₹41,51,700 in various shares through Priya Sharma and her assistant accountant. Initial returns shown to him appeared profitable, prompting him to follow up for further updates. However, within days, the six to seven mobile numbers he had been contacting were switched off. He wrote to the company seeking clarification.

In response, the company informed him that no employee by the name of Priya Sharma worked there. Realising that he had been duped, the victim approached the Gamdevi Police and filed a complaint against Priya Sharma and her accomplices.

Following the complaint, police registered a case of cheating and criminal breach of trust. During the investigation, police tracked the movements of the accused. Amol Patil, who had been absconding for nearly three months, was finally detained for questioning. Once his involvement was confirmed, he was formally arrested. He was produced before the court on Tuesday afternoon, where he was remanded to police custody.

Priya Sharma continues to remain at large, and police have intensified efforts to trace and arrest her.