Updated on: Monday, December 06, 2021, 10:22 AM IST

Thane: Medical student loses Rs 12.53 lakh in online investment fraud

Representative Image
 | Pixabay

Representative Image | Pixabay


A 23-year-old medical student has lodged a complaint with the police alleging that the company he invested with had fraudulently debited cash from his account and duped him to the tune of Rs 12.53 lakh.

The company had promised him double and triple returns on investment. According to the Vartak Nagar police in Thane, the complainant was browsing the internet for investment options in March when he came across the investment company.

He downloaded an app from the company and began trading through it. The company had claimed that on an investment of Rs 25000, the returns can be as high as Rs 1 lakh. “The complainant linked the app with his online payment wallet and initially invested Rs 10,000.

He received Rs 27,400 in return. Sometime later he realised that there had been an unauthorised debit from his wallet. When he 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. “From April till July, the complainant ended up losing Rs 12.53 lakh from his wallet.

He approached the police when he realised he has lost his money and got no returns from his investment. We have lodged a complaint under sections 379 (punishment for theft) and 420 (cheating) of the Indian Penal Code and sections 43 and 66D (punishment for cheating by personation by using computer resource) of the Information Technology Act.

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Published on: Monday, December 06, 2021, 10:22 AM IST