Share Trading Fraud: Duo Duped of Rs 2.35 Crore

Thane, Oct 11 (PTI) A 46-year-old woman and her brother were allegedly duped of Rs 2.35 crore by cyber fraudsters who lured them to invest in shares on an online trading platform in Maharashtra's Thane city, police said on Saturday.

Based on a complaint, the police have registered a case under relevant provisions of the Information Technology Act, an official said.

The complainants came in contact with one of the accused on social media, who added them to a few WhatsApp groups that claimed to offer expert advice about investments in the stock market, he said.


The official said that the duo was asked to install a trading app through a fraudulent link on their mobile phones, and was assured of high returns on stock market and IPO investments.

He said that the complainants allegedly transferred funds of more than Rs 2.35 crore into various accounts linked to different entities through online transactions, but when they attempted to withdraw their profits, the app was found deactivated, and they could not contact the accused.

Senior Inspector Sunil Dnyaneshwar Warude, who is investigating the case, said that the police are tracking the digital trail and suspect multiple individuals may be involved.