Thane man duped of Rs 62 lakh in share investment fraud

Thane, Mar 9 (PTI) A 36-year-old man from Maharashtra's Thane district has been allegedly cheated of Rs 62 lakh by an acquaintance who lured him to invest in the share market, promising him high returns, police said on Monday.

Based on a complaint, the Kapurbawdi police on Saturday registered a first information report (FIR) against one Sachin Bhagwat (47), under sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS), an official said.

The complainant, an employee of an electric company, has alleged that Bhagwat befriended him, gradually gained his trust and discussed investment opportunities in the stock market, he said.

According to the FIR, the accused allegedly lured the complainant into investing in shares with an assurance of high and quick returns, making him shell out Rs 75 lakh over a period of two years, the official said.

The complainant claimed that when he later sought returns on the investment and asked for the principal amount back, Bhagwat allegedly gave evasive replies and failed to provide the promised profits, managing to return only Rs 13 lakh.

The remaining sum of Rs 62 lakh has not been repaid so far, he said, adding that a probe is underway and no arrest has been made in the case so far. PTI COR ARU