Navi Mumbai man loses Rs 19 lakh in online share trading

A 46yearold 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 PTIIn 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 PTIThe Navi Mumbai man told the police that the accused coaxed him to invest Rs 1936 lakh through some share trading business promising irresistible returnsHowever Nayar did not get any returns after he paid the money He realised he had been duped when the accused gave evasive replies reported PTISenior 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 ActIn another case the police have registered two cases for illegal electricity consumption in different parts of Navi Mumbai an official said on Friday reported PTIThe power thefts were reported in the Panvel and Khandeshwar areas he saidA 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 626 lakh over one year the official said reported PTIThe accused allegedly directly tapped into the Maharashtra State Electricity Boards MSEB supply line for operations at his unit he saidThe official said a separate case was registered against Mhatre and his associate Firoz Sheikh for stealing electricity worth Rs 148 lakh in Khandeshwar reported PTINo arrests have been made so far and an investigation is underway to ascertain the extent of the illegal consumption he addedMeanwhile 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 PTIThe accused claimed that they belonged to a company named SPVS and asked the victims to indulge in share trading through them the official saidThe 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 PTIHowever the investors did not get any returns even after paying huge sums he saidActing 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 PTIThe companys offices at Vashi and Mhape were found to be locked he addedWith inputs from PTI