Maharashtra: Man Loses ₹1 Crore In Stock Trading Fraud

Maharashtra: Man Loses ₹1 Crore In Stock Trading Fraud

The police have registered a case under relevant IPC sections and of the Information Technology Act.

Somendra SharmaUpdated: Thursday, May 30, 2024, 10:57 PM IST
article-image
Mumbai: Man Loses ₹1 Crore In Stock Trading Fraud | Representational Image

A 48-year-old man working at a senior position in a private company has fallen prey to scammers and lost over Rs 1 crore in stock trading investment fraud.

According to the police, the victim is a resident of Raigad. The victim had downloaded a dating app on his phone and in January, this year, he had come in contact with an unknown woman on the app who informed the victim that she had been doing stock trading for the past two years and had earned 20 percent profits in intraday trading.

The woman suggested that the victim should also invest and earn huge profits. The victim after initial hesitation agreed to invest after the victim told him that she earns around Rs 30 lakh to 40 lakh a month. She then shared a link with the victim over WhatsApp and asked him to download the trading app through that link.

Then, over the period of time the victim ended up investing over Rs 1 crore. Later when he did not receive his returns and earnings, he realised that he had been duped. He then approached the police and got an offence registered in the matter. The victim has provided details of the contact numbers, link, bogus trading app and transaction details to the police for investigation.

The police have registered a case under sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and sections 66C (identity theft) and 66D (cheating by personation by using computer resource) of the Information Technology Act.

RECENT STORIES

Mumbai: ED Raids Amber Dalal's Properties, Freezes ₹37 Crore In Assets

Mumbai: ED Raids Amber Dalal's Properties, Freezes ₹37 Crore In Assets

Mumbai News: 2 Firm Heads Booked For ₹6.6 Crore Fraud

Mumbai News: 2 Firm Heads Booked For ₹6.6 Crore Fraud

Rainy Season Woes: Ghatkopar's Railway Police Colony Plagued By Leaks And Crumbling Infrastructure

Rainy Season Woes: Ghatkopar's Railway Police Colony Plagued By Leaks And Crumbling Infrastructure

Mumbai: Advocate To Go On Indefinite Hunger Strike Against Rampant Corruption And Illegality In...

Mumbai: Advocate To Go On Indefinite Hunger Strike Against Rampant Corruption And Illegality In...

Mumbai: Doctors, IT Professionals Join Pilgrims' Route To Pandharpur

Mumbai: Doctors, IT Professionals Join  Pilgrims' Route To Pandharpur