Man from Navi Mumbai loses Rs 1.06 crore in share trading fraud

Thane: A 45-year-old man from Navi Mumbai in Maharashtra allegedly lost Rs 1.06 crore after being lured into share trading for good returns, police said on Thursday.

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

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

Over the last two months, the man transferred Rs 1,06,28,000 to 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.

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.