Thane: NRI cheated of Rs 59 lakh in rice puller metal scam

Thane Police reported that a 53-year-old chartered accountant fell victim to a scam involving the so-called 'rice puller metal,' losing an alleged sum of Rs 59 lakh. The victim, who resides in London and makes intermittent visits to India, was reportedly defrauded by four individuals, as stated by the investigating officer.

Police have registered a case under various sections of the Indian Penal Code for cheating and other charges against the four men. No arrest has been made so far, the officer said.nThe victim met one of the accused two years back at a hotel in Mumbai and they remained in touch.

Later, the prime accused introduced the CA to three of his friends. They lured the CA into investing in rice pulling under the pretext of good returns. The victim paid them Rs 55 lakh in September 2022 and later Rs 4 lakh, the officer said quoting the FIR. The victim realised that he was cheated when the quartet started ignoring him and he never received any returns on the money paid by him.

The rice puller metal, also referred to as copper iridium, allegedly has rare powers and is used by aerospace organisations. The scam involves luring people into the metal on the promise of good returns. Further investigation is underway.