Thane cloth merchant loses Rs 1.9 cr in share trading fraud

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A 35-year-old cloth trader from Maharashtra's Thane district was allegedly cheated of Rs 1.9 crore by fraudsters who lured him to take up share trading, police said on Monday, reported news agency PTI.

Based on a complaint lodged by the Thane cloth merchant, the Khadakpada police on Saturday registered a first information report under relevant provisions of the Information Technology Act, an official said.

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The complainant has alleged that the accused got in touch with the Thane cloth merchant and added him to a WhatsApp group to train him to take up share trading and forwarded some links for investments, he said, reported PTI.

The Thane cloth merchant ended up investing Rs 1.9 crore between May and July this year, and when he sought returns, the accused could not be contacted, the official said, reported PTI.

In another case, a Navi Mumbai-based man involved in stock market trading lost more than Rs 36 lakh as two persons allegedly lured him into investing in cryptocurrency by promising high returns, police said on Friday, reported PTI.

The accused contacted the victim, a resident of Kharghar, in April this year, stating that they were representatives of a financial institution, and urged him to get training in cryptocurrency trading. After the victim agreed, the accused started the training sessions, an official said, reported PTI.

However, they later siphoned off Rs 36,80,151 in several instalments after linking him to different trading platforms. When the victim sought his invested money back and demanded returns on investment, the accused did not respond, he said, reported PTI.

The man then approached the police and based on his complaint, the police on Thursday registered a case under sections 316 (2) (criminal breach of trust), 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS) and also Information Technology (IT) Act, the official at the cyber police station said.

A probe into the crime was underway, he added.

Meanwhile, a man was arrested in Kalyan in Thane district for allegedly raping a woman and cheating her of Rs 12 lakh, a police official said on Sunday.

Iqbal Iftekar Shaikh (32) was arrested on Saturday, the Shil-Daighar police station official said, reported PTI.

"The accused is a salesman. He took Rs 12 lakh from the 29-year-old victim between May 2022 and July 2024 claiming he would get a donor for her husband's kidney transplant procedure. He also raped the woman several times," the official said, reported PTI.

(With inputs from PTI)