Navi Mumbai man loses Rs 1.06 crore in share trading fraud

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A 45-year-old Navi Mumbai man allegedly lost Rs 1.06 crore after being lured into share trading for good returns, police said on Thursday, reported news agency PTI.

A case was registered on Wednesday against four persons in this connection, they said.

The accused contacted the Navi Mumbai man, who has an engineering unit in Taloja area of Navi Mumbai, and lured him into share trading while assuring good returns, senior police inspector Gajanan Kadam said, reported PTI.

Over the last two months, the Navi Mumbai man transferred Rs 1,06,28,000 in different bank accounts through online mode. But when he did not get the returns and his invested amount, he approached the police, the official said, reported PTI.

Based on his complaint, a case was registered against four persons under relevant provisions of the Indian Penal Code and the Information Technology Act, the police added.

In another case, a case of cheating has been registered against a man for allegedly duping a 65-year-old doctor of Rs 80 lakh by promising attractive returns on investment, a police official said on Wednesday, reported PTI.

The accused was identified as Shariyar Chhatriwalla alias Shoyeb Memon, a resident of suburban Kurla, reported PTI.

He allegedly cheated doctor Ghanshyam Verma, resident of Nashik, by taking money at different times over six years in the name of investment, the official said, reported PTI.

Verma even borrowed money from relatives and also sold his residence to pay the accused, the complaint said, reported PTI.

Based on the doctor's complaint, a case under IPC section 420 was registered and further probe was on, the official said.

Meanwhile, Mumbai Police's crime branch claimed to have busted an inter-state gang by arresting three men who allegedly duped businessmen of several lakhs by arranging meetings in posh hotels under the pretext of offering them business opportunities, an official said on Wednesday, reported PTI.

The gang members used to contact potential targets and convince them to come for a 'business' meeting to clinch attractive deals.

The accused persons are identified as Majib Abdul Khan alias Mannu (44), a resident of Uttar Pradesh, Mayank Pradeep Sharma alias Laddu (22), a resident of Delhi, and Akash Dwarkaprasad Agrawal alias Kabir (19), who lives in Thane, the official said, adding that some more persons were involved in the crime, reported PTI.

They were arrested by Unit 8 of the Mumbai Crime Branch, he said.

(With inputs from PTI)