Online Investment Scam in Thane: Businessman Loses Rs 5 Crore

A businessman from Mumbai was defrauded of Rs 5 crore by online fraudsters who promised high returns. The fraudsters, posing as representatives of a US firm, convinced him to invest in multiple currencies. The case is now being investigated by Thane Police's Economic Offences Wing.

A Mumbai-based businessman has fallen victim to an elaborate scam, losing Rs 5 crore to online fraudsters, reported a Thane police official on Sunday. The fraudsters allegedly posed as representatives from a US-based firm, luring the victim with promises of high returns on investments.

The accused persuaded the importer to invest heavily in various currencies via a fraudulent online platform. Over a period from April to October this year, a significant sum of Rs 5 crore was invested by the businessman. However, the victim did not receive any returns, leading him to report the case on Friday at the Naupada police station.

The Economic Offences Wing (EOW) of Thane Police has taken charge of the investigation. Efforts are currently underway to track down and apprehend the individuals responsible for the scam, authorities stated.

(With inputs from agencies.)