Navi Mumbai man duped of Rs 4.9 lakh in shares trading fraud

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A 23-year-old Navi Mumbai man in Maharashtra allegedly lost Rs 4.92 lakh after being lured with high returns in the trading of shares, police said on Monday, reported news agency PTI.

The police have registered an FIR in this shares trading fraud against an unidentified person.

The accused contacted the Navi Mumbai man, resident of Koproli in Panvel area and employed with an airline, between November 1 and 3 last year and lured him to indulge in shares trading while promising him high returns, reported PTI.

The victim subsequently invested Rs 4,92,000 in shares through the accused, an official from Navin Panvel police station said.

When he sought returns and the invested amount, the accused demanded an additional sum of Rs 8 lakh for facilitating benefits of Rs 1.29 crore to him, reported PTI.

Sensing deception, the victim refused to comply, following which the accused threatened him with the forfeiture of both the invested amount and returns, the official said, reported PTI.

The victim approached the police with a complaint in shares trading fraud, based on which an FIR was registered under relevant provisions on Monday, he added.

In another case, the Navi Mumbai police have registered a case against an employee of a credit society for allegedly embezzling Rs 4.2 lakh and cheating an investor, an official said on Sunday, reported PTI.

Rameshkumar Patel (32) allegedly committed the crime between April 2002 and March 2023, reported PTI.

In its complaint, the Taloja-based credit society said Patel collected Rs 8,83,675 from its customers but deposited only Rs 4,61,178 in the office, embezzling Rs 4,22,497, reported PTI.

Besides, Patel is also accused of collecting nearly Rs 60,000 from an investor to open an account with the society and deposit the money into it but failing to keep the promise, said the official, reported PTI.

The Taloja police on Friday registered a case against Patel for cheating and criminal breach of trust under the Indian Penal Code, said the station house officer.

(With inputs from PTI)