Share Market Fraud: Bhiwandi Resident Loses Over Rs 11 Lakh in Online Trading Scam

In a shocking case of online financial fraud, a 39-year-old man from Bhiwandi was duped of Rs 11,65,000 by unidentified callers who lured him with the promise of earning money through online stock trading. The victim, Krishnachandra Shivram Vaishya, a resident of Temghar in Bhiwandi, received calls from two unknown individuals between February 13 and April 18 this year, the Shantinagar police said. The callers gained Vaishya's trust by showing him the prospect of making profits through online stock market trading. They then instructed him to transfer a total of Rs 11,65,000 online, assuring him of returns on his investment.

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However, after receiving the money, the fraudsters stopped communicating with Vaishya and disappeared, leaving him cheated of his hard-earned money. Vaishya approached the Shantinagar police and filed a complaint against the unknown accused. An FIR has been registered against the unknown mobile phone users under IPC Section 420 and Sections 66(C) and 66(D) of the Information Technology Act, 2000. The incident has once again highlighted the growing menace of cyber frauds and online financial crimes. The police have appealed to citizens to be cautious while dealing with unknown callers or entities promising lucrative returns on investments, especially through online means.