Navi Mumbai man duped of Rs 1.36 cr in share trading fraud

A 48yearold Navi Mumbai man allegedly lost Rs 136 crore to cyber fraudsters who lured him to invest in share trading police said on Sunday reported news agency PTIBased on a complaint a case under section 420 cheating and other relevant provisions of the Indian Penal Code and Information Technology Act has been registered at the cyber police station against two persons and an organisation named Angel One an official said reported PTIA probe has been initiated but no arrests have been made so far senior inspector Gajanan Kadam said reported PTIAccording to the police the share trading fraud occurred between January 20 and March 13The accused contacted the Navi Mumbai man a resident of Jui Nagar on WhatsApp and provided him with information on share trading and assured him of substantial returns on his investment he said reported PTIThe complainant was asked to transfer Rs 136 crore into different bank accounts for investing in the stock market the official said reported PTIHowever when the complainant did not receive any money from the accused he realised that he had been cheated in share trading fraud and approached the police he saidIn another case two directors and a person from the management of an importexport company in Navi Mumbai have been arrested for allegedly duping investors from different parts of Maharashtra of Rs 26 crore police said on Saturday reported PTIBased on a complaint the police have registered a case under relevant provisions of the IPC and Prize Chits and Money Circulation Schemes Banning Act 1978 Banning of Unregulated Deposit Schemes Act 2019 and Maharashtra Protection of Interest of Depositors In Financial Establishments Act 1999 an official said reported PTIThe police on Friday arrested Nitin Parte and Deepak Surve directors of the importexport company and Sachin Bhise who is part of the management while another accused involved in the crime is absconding assistant police inspector Nileshkumar Mahadik of the APMC police station said reported PTIThey had allegedly been duping the victims since March 2022 he saidThe accused lured more than 300 people from different parts of the state to invest in their business of procuring spices and dry fruits directly from cultivators and exporting them the official said reported PTIThey allegedly assured the investors a monthly interest of 5 per cent and promised to return the invested amount after 11 months but failed to make any payments and issued cheques that were dishonoured he saidWith inputs from PTI