Senior citizen loses Rs 6.44 crore to share trading fraud in Thane

Thane, Nov 20 (PTI) A 70-year-old man from Maharashtra's Thane city was allegedly duped of Rs 6.44 crore by two persons who lured him to invest in an online share trading scheme, police said on Thursday.

According to the police, the accused, identified as Advika Sharma and Rakesh Jain, contacted the complainant through a WhatsApp group of a company that promised high profits and returns on investment in shares.

The fraud took place between September 24 and November 6.

"The complainant was instructed to open an account for share trading, and the money he invested and the profits he earned were deposited in the account. Jain allegedly accessed the victim's account and siphoned off Rs 6.44 crore from it," an official said.

The police registered a case on Tuesday under section 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS), along with relevant sections of the Information Technology (IT) Act, the official said, adding that the police are tracking the money trail into bank accounts used for fraudulent transfers. PTI COR ARU