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Thane: Man loses Rs 12 lakh in investment fraud

Staff Reporter | Updated on: Sunday, December 05, 2021, 09:04 PM IST

Thane: Man loses Rs 12 lakh in investment fraud |
Thane: Man loses Rs 12 lakh in investment fraud |
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A 23-year-old medical student has lodged a complaint with the police alleging that the investment company in which he had invested money had fraudulently debited money from his account and had duped him to the tune of Rs 12.53 lakh. The company had promised double and triple returns on investment.

According to the Vartak Nagar police in Thane, in March this year, the victim was surfing on the internet about best options to make investments. The victim came across information about an investment company and then downloaded an application of the company and began trading through the said application. The company had claimed that on investment of Rs 25000, the returns can be as high as Rs 1 lakh.

"The victim then linked the said application with his online payment wallet. The victim had initially invested Rs 10000 and had received Rs 27400 in return. Later the victim realised that there had been unauthorised debit done by the company from his wallet. When the victim enquired with the company, he was told that the company is depositing the debited money in their wallet for investment purposes," said a police officer.

He added, "From April till July, the victim ended up losing Rs 12.53 lakh from his wallet. When the victim did not get his money, nor returns from his investment, he approached the police and got a complaint lodged under sections 379 (Punishment for theft) and 420 (cheating) of the Indian Penal Code and sections 43 (Penalty and compensation for damage to computer, computer system, etc) and 66D (punishment for cheating by personation by using computer resource) of the Information Technology Act.

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Published on: Sunday, December 05, 2021, 09:04 PM IST