Thane businessman loses Rs 1 crore in shares investment fraud

Police have registered an FIR against three individuals for allegedly cheating a Thane businessman of Rs 1 crore through a fraudulent investment scheme officials said on Tuesday reported news agency PTIThe 43yearold Thane businessman a resident of Wagle Estate in Maharashtras Thane city came across an advertisement on a social media platform in June last year offering high returns on investments in IPOs and sharesHe then contacted three persons in this connection To gain his trust the accused held a meeting with him at a hotel in Thane and provided him with a forged digital demat link reported PTIBelieving the platform was legitimate the victim transferred Rs 1 crore in 29 separate transactions to various bank accounts between June and July 2025 an official from Wagle Estate police station saidThe demat link dashboard showed a profit of Rs 19 crore but he was unable to withdraw any funds The accused then demanded a 20 per cent commission to release the amount following which the victim realised he had been duped he said reported PTIBased on his complaint the police registered a case on Sunday under Bharatiya Nyaya Sanhita sections for cheating and forgery and provisions of the Information Technology Act the official addedSenior citizens cheated of Rs 175 lakh in share scam in Thane districtMeanwhile an elderly couple from Maharashtras Thane district was allegedly cheated of Rs 175 lakh by a man who promised them high returns on shares police said on Tuesday reported news agency PTIThe police on Monday registered a first information report FIR against the accused Amit Yuvraj Karle a resident of Panvel in Navi Mumbai under sections 3184 cheating and 3162 criminal Breach of Trust of the Bharatiya Nyaya Sanhita BNS an official saidAccording to the complaint the couple was introduced to Karle in December 2024 and the latter claimed to possess 5000 unlisted shares of NSDL and 3000 of NSC National Stock Exchange luring them to purchase the shares claiming they would soon be listed reported PTIThe official said that the couple transferred Rs 245 lakh to Karles bank account between January and March 2025 and he returned Rs 7 lakh following threats of legal action However the remaining sum of Rs 175 lakh was never recovered and the promised shares were never transferred to them reported PTIThe fraud came to light after the complainants visited Karles house only to learn that he was already in jail in connection with some other criminal cases he said adding that a probe has been initiatedWith inputs from PTI