Navi Mumbai man loses Rs 19 lakh in online 'share trading'

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A 46-year-old Navi Mumbai man lost about Rs 19 lakh after fraudsters lured him with high returns on "share trading", an official said on Friday, reported news agency PTI.

In his police complaint, Kharghar resident Suresh Babu Eroth Kunhikannan Nayar said four individuals had been in touch with him for the past few months over some investment plans, reported PTI.

The Navi Mumbai man told the police that the accused coaxed him to invest Rs 19.36 lakh through some "share trading" business, promising irresistible returns.

However, Nayar did not get any returns after he paid the money. He realised he had been duped when the accused gave evasive replies, reported PTI.

Senior inspector Gajanan Kadam of the Cyber police station said they have registered a case under the Indian Penal Code for cheating, and the Information Technology Act.

In another case, the police have registered two cases for illegal electricity consumption in different parts of Navi Mumbai, an official said on Friday, reported PTI.

The power thefts were reported in the Panvel and Khandeshwar areas, he said.

A case was registered under the Indian Electricity Act, 2003 against Meghnath Mhatre, the owner of a stone quarry in Panvel, who allegedly stole electricity worth Rs 62.6 lakh over one year, the official said, reported PTI.

The accused allegedly directly tapped into the Maharashtra State Electricity Board's (MSEB) supply line for operations at his unit, he said.

The official said a separate case was registered against Mhatre and his associate Firoz Sheikh for stealing electricity worth Rs 14.8 lakh in Khandeshwar, reported PTI.

No arrests have been made so far, and an investigation is underway to ascertain the extent of the illegal consumption, he added.

Meanwhile, the Navi Mumbai police have registered a case against five persons for allegedly cheating several people after promising "unsustainable" returns on their investment, an official said on Friday, reported PTI.

The accused claimed that they belonged to a company named "SPVS" and asked the victims to indulge in "share trading" through them, the official said.

The accused promised to double the money in a year if a client invested Rs 1 lakh besides selling many other "attractive" schemes that the police said were "unsustainable", reported PTI.

However, the investors did not get any returns even after paying huge sums, he said.

Acting on several complaints, the newly established Financial Intelligence Unit of the Navi Mumbai police registered a case against Sachin Dongre, Vikas Nikam, Bhagwan Kondalkar, Deepali Kondalkar, and Sagar Borate under the Indian Penal Code for cheating and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, reported PTI.

The company's offices at Vashi and Mhape were found to be locked, he added.

(With inputs from PTI)