Navi Mumbai man loses Rs 1.07 crore in share trading fraud; cops launch probe

A 48yearold man from Maharashtras Navi Mumbai township has allegedly been duped of Rs 107 crore after being lured by fraudsters into share trading for good returns police said on Monday reported news agency PTIA case was registered in this connection on Sunday against 15 persons including owners of an app and a website and a probe was on into it they saidThe fraudsters contacted the victim resident of Kharghar on various occasions between February 13 and May 5 assured the Navi Mumbai man lucrative returns by getting into share trading and allegedly made him pay money in different bank accounts Navi Mumbai cyber polices senior inspector Gajanan Kadam said reported PTIThe Navi Mumbai man deposited Rs 10709000 in various bank accounts but when he sought returns and refund of the money invested by him in shares the fraudsters failed to respond the official said reported PTIAfter realising that he has been cheated the man approached the cyber police with a complaintBased on the complaint the police on Sunday registered the case under Indian Penal Code sections 419 cheating by personation 420 cheating and 34 common intention and provisions of the Information Technology Act the official saidIn another case a 33yearold man from Maharashtras Thane district has been allegedly cheated of Rs 175 lakh by a fraudster who threatened action against him for various offences police said on Sunday reported PTIBased on a complaint by the man a case was registered on Saturday against one person under relevant provisions an official from Ambernath police station saidOn May 21 the man received a call from a person who informed him that a parcel which he had sent to Iran was seized by the Customs officials as it contained drugs besides a laptop pen drives clothes and four Iranian passportsThe caller also informed the man that a payment of Rs 96000 was already made for it and the parcel was returned to the courier company the police said quoting the complaint reported PTIWhen the man informed the caller that he had not sent any such parcel the latter asked him to approach the Mumbai cyber police and lodge a complaint of misuse of his ID reported PTIThe caller also told the man that the police would arrest him if he gets late in approaching themLater the caller arranged for a Skype video call and a person on the other side showed his ID and not his face and claimed to be from the narcotics department the official said reported PTIThe alleged imposter informed the man that a number of complaints of money laundering had been registered against him in Gujarat West Bengal and Mumbai and his name was also linked to a person arrested earlier for such offence he said reported PTIHe also told the man that all his bank accounts had been blocked by authoritiesHe then sought details of a bank account of the victim to get his accounts reactivated by the RBI and allegedly siphoned off Rs 175 lakh from the account the official said reported PTIThe man later realised he was cheated and approached the Ambernath policeWith inputs from PTI