Pathology lab owner from Badlapur loses Rs 42.35 lakh in share trading fraud

Thane: A 47-year-old pathology lab owner in Maharashtra's Thane district has allegedly been cheated of Rs 42.35 lakh in a share trading fraud, police said on Wednesday.

A fraudster had contacted the victim, resident of Belavali in Badlapur area, over phone and lured him into investing in shares, promising lucrative returns.

The accused provided the victim with investment links, through which the latter made transactions of Rs 42,35,476 between June 2023 and November 2024, an official from Badlapur West police station said.

Layer, the accused failed to provide any returns to the victim and eventually became unresponsive, he said.

The victim approached the police on Monday and lodged a complaint.

An FIR has been registered against the fraudster under relevant provisions of the Information Technology (IT) Act and efforts are on to trace the accused, the police said.