Navi Mumbai engineer cheated of Rs 3.7 cr in share trading fraud

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Police have registered a case against six persons for allegedly cheating a Navi Mumbai engineer of Rs 3.7 crore after luring him to invest in shares for high returns, an official said on Tuesday, reported news agency PTI.

On February 17, 2024, the 43-year-old Navi Mumbai engineer, resident of Vashi area working with a private company, saw a link on his social media page about an opportunity to invest in shares, reported PTI.

He clicked on the link and got details of how to earn a good profit by investing in shares. A mobile number was also mentioned in the link for contacting, Navi Mumbai cyber police station's senior inspector Gajanan Kadam said, reported PTI.

Later, the victim started chatting on WhatsApp with one of the fraudsters who asked him to join different groups on the messaging app wherein the admins helped him in investments by providing various links.

One of the fraudsters also identified himself as a senior officer pertaining to securities in a well-known bank, the official said, reported PTI.

The victim invested Rs 3.7 crore between February 17 and April 24, he said.

He later found his investments in shares and IPOs had grown to Rs 22 to 23 crore, reported PTI.

When he was unable to withdraw any money, he contacted on the numbers provided to him, but did not get any response, the official said, reported PTI.

The victim filed a complaint on Saturday following which the police registered a case against six persons under Indian Penal Code sections 419 (cheating by personation), 420 (cheating) and 34 (common intention) and provisions of the Information Technology Act.

In another case, a 65-year-old man was allegedly duped by a cyber fraudster who posed as a Mumbai Police official on the phone and forced him to transfer Rs 1.90 lakh in a bank account threatening action for 'money laundering', reported PTI.

The complainant received a call on April 25 from an unknown number. The caller claimed he was a police inspector from the cyber police station in Andheri, Mumbai. He told the complainant that he was involved in money laundering activities, a Nagpur Police official said on Sunday, reported PTI.

"The complainant panicked and made an online transfer of Rs 1.90 lakh in the bank account on directions of the caller," he said, reported PTI.

The man later realised that he had been cheated and approached police, reported PTI.

A case has been registered under the provisions of the Indian Penal Code and the Information Technology Act.

(With inputs from PTI)