The <a href="https://www.mid-day.com/mumbai/mumbai-news/article/maharashtra-assembly-speaker-rahul-narwekars-email-id-hacked-probe-underway-23338390" target="_blank" rel="none noopener">Navi Mumbai police</a> has booked four persons for allegedly cheating a financial analyst in share trading fraud of Rs 29 lakh by luring him to take up the share trading, an official said on Tuesday.
Based on a complaint, a case was registered at the cyber police station under sections 420 (cheating) and 406 (criminal breach of trust) of the Indian Penal Code and the Information Technology Act, he said, according to newswire PTI.
"The complainant has alleged that the accused approached him through a website and lured him to invest in share trading. He made a total payment of Rs 29 lakh between January 18 and February 29," senior inspector <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/two-booked-for-duping-navi-mumbai-bank-of-rs-18-6-lakh-by-mortgaging-fake-jewellery-23338375" target="_blank" rel="none noopener">Gajanan Kadam</a> said.
When the victim sought the promised returns, the accused did not respond to his calls, he said. "We are gathering evidence, and no arrests have been made so far," the official said.
On March 3, in the meanwhile, in another incident of share trading fraud, a 43-year-old manager of a cloth factory in Dhaka fell victim to an alleged scam, losing Rs 28 lakh after being seduced by promises of big returns in share trading while on holiday in his hometown in <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/mumbai-man-loses-rs-2-16-lakh-in-online-task-fraud-23338369" target="_blank" rel="none noopener">Maharashtra's Thane district</a>, police said Sunday.
According to PTI, during his vacation in October 2023, the man came across an attractive offer on Facebook offering huge profits from share trading. Intrigued, he joined many trading groups and received messages from four people accused of the scam.
Following instructions from the accused conveyed through various links shared on his mobile phone, the victim made payments totalling Rs 28,22,300 in December 2023, the PTI report said,
Reportedly, despite investing a large sum, the victim received no return on his investment. Furthermore, his attempts to obtain reimbursement from the accused were useless because they ceased communication.
On Friday, in response to the victim's allegation, the Badlapur West police station filed an FIR against the four individuals under the applicable rules. A thorough investigation of the situation is presently ongoing.
Authorities have often issued a warning, advising the public to exercise caution and prudence when engaging in online trading activities to avoid falling victim to fraudulent schemes. (With inputs from PTI)

Share trading fraud: Navi Mumbai police book four for cheating financial analyst of Rs 29 lakh

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The Navi Mumbai police has booked four persons for allegedly cheating a financial analyst of Rs 29 lakh by luring him to take up share trading

Navi Mumbai police book four for cheating financial analyst of Rs 29 lakh

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