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A 47-year-old pathology lab owner from Maharashtra's Thane district has fallen victim to a share trading fraud, losing â¹42.35 lakh after being lured with promises of high returns, police officials confirmed on Wednesday.
According to PTI, the victim, a resident of Belavali in Badlapur area, was contacted by an unidentified fraudster over the phone. The accused convinced him to invest in stock trading, assuring lucrative profits. As per PTI reports, the fraudster provided the victim with links for investment platforms, directing him to make transactions through these links.
Believing the scheme to be genuine, the victim transferred a total of â¹42,35,476 between June 2023 and November 2024, an official from Badlapur West police station stated. However, despite repeated assurances, the victim did not receive any returns on his investments.
Over time, the accused became unresponsive, refusing to communicate with the victim, raising suspicion of fraud. Realising he had been duped, the pathology lab owner approached the police and lodged a complaint on Monday, police officials told PTI.
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Following the complaint, an FIR has been registered against the accused under relevant provisions of the Information Technology (IT) Act. Police have launched an investigation and are attempting to trace the fraudster.
Authorities have advised citizens to exercise caution while investing in online trading platforms. Cyber fraud cases involving fake stock market schemes have been on the rise, with scammers exploiting victims through deceptive calls, fraudulent websites, and social media promotions.
As per PTI reports, police officials are analysing digital trails, including the links provided by the accused and the transactions made by the victim, to track down the perpetrator. Investigators are also exploring whether the fraud is linked to a larger syndicate operating such scams.
Meanwhile, financial experts and law enforcement officials continue to warn investors against blindly trusting individuals offering unrealistically high returns in stock trading, advising them to verify credentials before making financial commitments.
Further investigation into the case is ongoing, and additional updates are expected as authorities work towards identifying and apprehending the accused.
