Mumbai: Elderly Man Duped of Rs 72.98 Lakh in Share Trading Fraud

Mumbai: Thane police have registered a case against two persons and a company for allegedly duping a 70-year-old man of Rs 72.98 lakh after luring him to invest in a fake share trading scheme, an official said on Tuesday.

The victim, hailing from neighbouring Mumbai, stayed at his brother's place in Maharashtra's Thane city over the last five months.

During this period, the accused contacted him through various digital platforms, offering attractive investment opportunities in share trading with promises of high returns.

However, after making the investments, the victim neither received the promised returns nor the invested amount, the official from Kasarwadavali police station said.

When he tried to contact the accused, they stopped responding to his calls and messages, raising suspicion, he said. 

The victim approached the police on Sunday with a complaint. 

The police subsequently registered a case against two persons and an investment firm under relevant legal provisions, the official said.

Efforts were on to trace the accused and identify whether the fraudulent activities extend to other victims.

The Thane police have urged people to exercise caution while making online investments and to verify the authenticity of financial schemes before transferring money.

With PTI Inputs