Stock Market Fraud in Maharashtra: Thane Man Duped of Rs 46 Lakh After Promising Handsome Returns in Share Trading

A 65-year-old man from Thane city lost about Rs 46 lakh after allegedly being lured with handsome returns on equity investments. The complainant, who lives in the Charai area of the city, was allegedly conned between June 14 and July 1.

The man told the police that some persons identifying as employees of a reputed financial securities firm got in touch with him, offering lucrative returns on shares.

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The fraudsters persuaded the complainant to invest about Rs 46 lakh but became unreachable after he sought returns on his investment, said the station house officer of Naupada police station, reported news agency PTI.

Realising he had been duped, the man filed a police complaint and a case was registered on Tuesday against four persons, based on mobile numbers, for cheating under section 318(4) of the Bharatiya Nyaya Sanhita (BNS) and the IT Act, he said.