Trading Fraud News: Man duped of Rs 73 lakh; two booked

A man from Maharashtra's Thane city was allegedly cheated to the tune of more than Rs 73 lakh under the pretext of share trading, and a case was registered in this connection against two persons, including a woman, police said on Wednesday.

Based on a complaint by the 48-year-old victim, an FIR was registered on Tuesday against Mahesh Gupta and Shivangi Agarwal. Under the IT Act and section 3 (5) of the Bharatiya Nyaya Sanhita (BNS), an official at the Kapurbawdi police station under the Wagle Estate division said.

The accused contacted the victim on June 16 this year and later on asked him to invest in stocks.

The duo lured him to make a total payment of Rs 73,73,148.

His account displayed the balance amount to be Rs 2,15,96,480.

However, he could not withdraw any money from it.

When he contacted the accused, they failed to respond and later refunded only Rs 40,000 from his investment.

After verification, the victim learned that the accused had not done any trading in shares for him and allegedly cheated him, following which he filed a complaint, he said.