Thane man loses Rs 37.8 lakh in stock trading scam; case registered

Thane: A 45-year-old man from Maharashtra's Thane district was allegedly duped of Rs 37.8 lakh by cyber fraudsters who lured him to invest in the stock market, police said on Friday.

The complainant, a resident of Kopri, was allegedly added to a group on the Telegram app, where he was offered insider tips to invest in stocks, an official said.

He said that the fraudsters allegedly shared a fake registration certificate in the name of Standard Chartered Securities (India) Ltd., to make the complainant believe that the group was professionally managed.

Unidentified accused allegedly cheated him of Rs 37.8 lakh between August 4 and 25, the official said.

The complainant approached the police after he failed to receive returns on his investments, he said, adding that a case has been registered under the Information Technology Act.