Senior citizens cheated of Rs 17.5 lakh in share scam in Thane district

Thane, Jan 13 (PTI) An elderly couple from Maharashtra's Thane district was allegedly cheated of Rs 17.5 lakh by a man who promised them high returns on shares, police said on Tuesday.

The police on Monday registered a first information report (FIR) against the accused, Amit Yuvraj Karle, a resident of Panvel in Navi Mumbai, under sections 318(4) (cheating) and 316(2) (criminal Breach of Trust) of the Bharatiya Nyaya Sanhita (BNS), an official said.

According to the complaint, the couple was introduced to Karle in December 2024, and the latter claimed to possess 5,000 unlisted shares of NSDL and 3,000 of NSC (National Stock Exchange), luring them to purchase the shares, claiming they would soon be listed.

The official said that the couple transferred Rs 24.5 lakh to Karle's bank account between January and March 2025, and he returned Rs 7 lakh following threats of legal action. However, the remaining sum of Rs 17.5 lakh was never recovered, and the promised shares were never transferred to them.

The fraud came to light after the complainants visited Karle's house, only to learn that he was already in jail in connection with some other criminal cases, he said, adding that a probe has been initiated. PTI COR ARU