Investor Duped in Multi-Lakh Stock Scam in Maharashtra

A 48-year-old automation engineer from Thane, Maharashtra, has been defrauded of over Rs 69 lakh by 11 unidentified individuals. They convinced him to invest in non-existent stocks promising high returns. A case has been filed under cheating sections and the Information Technology Act.

In a shocking case of financial deceit, police in Maharashtra have filed charges against 11 unknown individuals who have allegedly swindled a man from Thane district out of more than Rs 69 lakh. The incident came to light on Wednesday when an official elaborated on the intricacies of the scam.

The victim, a 48-year-old automation engineer hailing from Gaibinagar, Bhiwandi, was duped between the months of July and October. The alleged fraudsters enticed him to invest in stocks, promising substantial returns. These stocks, however, were fictitious, leading to a total loss of Rs 69,98,375.

When the engineer sought to reclaim his investment, he was met with silence, ultimately prompting him to file a complaint. The Shantinagar police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, striving to bring the culprits to justice.

(With inputs from agencies.)