Thane man loses Rs 40.75 lakh in stock trading fraud; 4 booked

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A 48-year-old man from Thane city in Maharashtra has allegedly been cheated of Rs 40.75 lakh by some persons after being lured into trading of stocks for high returns, police said on Monday, reported news agency PTI.

A case has been registered in connection with the stock trading fraud against four persons, they said.

The accused contacted the Thane man, working in a private company, on different occasions from March this year and made him the member of a WhatsApp group, reported PTI.

They then asked him to get into stock trading by downloading an application and the money which he invested through it went into the accounts of the accused, the official said.

When the Thane man sought returns and the invested amount, the accused gave evasive replies, reported PTI.

The accused subsequently filed a complaint based on which the police on Saturday registered an FIR against four persons, in connection with the stock trading fraud, under relevant provisions, the official said.

In another case, a case has been registered against the owners of a fabric company for allegedly cheating a cloth merchant of Rs 24 lakh in Bhiwandi town of Maharashtra's Thane district, police said on Sunday, reported PTI.

A case under sections 406 (criminal breach of trust), 420 (cheating) and 468 (forgery) of the Indian Penal Code has been registered against four persons, an official said.

The complainant has alleged that the accused had floated fake firms and procured cloth worth Rs 23.92 lakh from him and his associates since May 14, he said, reported PTI.

The accused allegedly did not pay for their purchases, and an inquiry revealed that they had shut their establishment, the official said, adding that no arrests have been made so far.

Meanwhile, a man allegedly posted as a police officer from Lucknow and cheated a 66-year-old grocery shop owner in Maharashtra's Thane district of Rs 18 lakh under the pretext of saving him from action in a criminal case, an official said on Monday, reported PTI.

The imposter contacted the grocer from Badlapur in Thane between May 9 and 30 on different occasions, claiming he was an officer from the Alambagh police station in Lucknow, Uttar Pradesh.

The man told the victim that a case of money laundering had been registered against him at the police station in Lucknow and to avoid being arrested, he should pay him Rs 18,02,999, the official from Badlapur police station said, reported PTI.

The fraudster allegedly made the victim deposit the amount in different accounts. Later, when the victim checked with the Lucknow police, he found there was no case registered against him there, the official said, reported PTI.

Following a complaint by the victim, the Badlapur police on Saturday registered an FIR against the unidentified accused under relevant provisions, he said.

(With inputs from PTI)