Navi Mumbai man duped of Rs 74.6 lakh in share trading fraud

The North News

Thane, January 22

A 59-year-old man from Navi Mumbai has allegedly been cheated of Rs 74.67 lakh after being lured into investing in share trading with a promise of high returns, police said on Thursday.

The accused had contacted the victim, a resident of Panvel, and persuaded him to invest in share trading. Initially, small profits were credited to his account to gain his confidence.

Subsequently, the accused persuaded him to invest larger amounts by displaying inflated returns on a fake trading interface and directing him to transfer money to fraudulent bank accounts.

The victim deposited the money into the accounts between November 28, 2025, and January 1 this year, an official from the cyber police station said.

However, the victim neither received any profit nor was he able to recover his invested amount, he said.

Based on his complaint, the cyber police on Tuesday registered a case against five persons under relevant provisions of the Information Technology Act and the Bharatiya Nyaya Sanhita for cheating and online fraud, the official said.