Thane, Feb 4 (PTI) – A 70-year-old man from Mumbai has fallen victim to an elaborate share trading scam, losing ₹72.98 lakh to fraudsters who lured him with promises of high returns, an official from Thane police said on Tuesday.
According to authorities, the elderly victim had been staying at his brother’s residence in Thane for the past five months when he was approached by the accused via various digital platforms. The fraudsters, including two individuals and a company, allegedly convinced him to invest in a share trading scheme that later turned out to be fraudulent.
After transferring the money, the man neither received the promised returns nor was able to recover his investment. When he attempted to reach out to the accused, they stopped responding to his calls and messages, raising his suspicions.
Following the realization that he had been deceived, the victim lodged a complaint with the Kasarwadavali police station on Sunday. A case has been registered against the suspects and the investment firm under relevant legal provisions.
Police have launched efforts to track down the accused and determine whether more individuals have fallen prey to the scam. Authorities have also issued a public advisory urging citizens to verify the authenticity of online financial schemes before investing and to remain cautious against fraudulent offers.
Investigations are ongoing.
