Thane-based firm dupes man of Rs 23.5 lakh in share trading fraud; six booked

Thane, Aug 16 (PTI) A 44-year-old man was allegedly duped of Rs 23.5 lakh by the owner of a financial services company in Maharashtra's Thane district and his associates, who lured him to invest in share trading, police said on Saturday.

A case has been registered against a Diva-based firm's owner and five associates under sections 316(2), 316(5) (criminal breach of trust), 318(4) (cheating) and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS) for the crime that took place between March and August, an official said.

The complainant, who owns a medical store, has alleged that the accused lured him to invest in share trading, he said.

"The complainant was induced to make repeated payments with the assurance of high returns. However, when he demanded his profits or the principal investment back, he was allegedly abused in slang and threatened with dire consequences," the official from Mumbra police said.

The complainant approached the police on Wednesday.

"The accused allegedly threatened to kill the complainant and his family members when he insisted on repayment," the official said, adding that a probe is underway into the firm's operations and transactions. PTI COR ARU