Share Trading Fraud in Navi Mumbai: 48-Year-Old Man Loses Rs 1.07 Crore in Stock Market Scam in Kharghar

A man from Navi Mumbai's Kharghar in Maharashtra has allegedly been duped of Rs 1.07 crore after being lured by fraudsters into share trading for good returns, police told news agency PTI on Monday, May 27.

Police registered case against 15 suspected accused in the case, including the owners of an app and a website and a probe was on into it. The cyber criminals contacted 48-year-old online victim on various occasions between February 13 and May 5, assured him lucrative returns by getting into share trading and allegedly made him pay money in different bank accounts, Navi Mumbai cyber police's senior inspector Gajanan Kadam said, reported PTI.

Also Read | Cyber Attacks in India: Alert Issued by MHA On 'Digital Arrest', 'Blackmailing' By Cyber Criminals.

The man deposited Rs 1,07,09,000 in various bank accounts, but when he sought returns and refund of the money invested by him in shares, the fraudsters failed to respond, the official said. After realising that he has been cheated, the man approached the cyber police with a complaint.

Based on the complaint, the police on Sunday registered the case under Indian Penal Code sections 419 (cheating by personation), 420 (cheating) and 34 (common intention) and provisions of the Information Technology Act, the official said.