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Home > Mumbai > Mumbai Crime News > Article > Navi Mumbai man defrauded of Rs 119 crore three booked

Navi Mumbai man defrauded of Rs 1.19 crore; three booked

Updated on: 22 February,2024 02:55 PM IST  |  Navi Mumbai
mid-day online correspondent |

The Navi Mumbai man was tricked into investing in shares and IPO of a well-known firm using falsified capital gains and tax documents.

Navi Mumbai man defrauded of Rs 1.19 crore; three booked

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A man from Navi Mumbai was allegedly defrauded of Rs 1.19 crore after being promised high returns on investments, police said on Thursday. Per a PTI report, a case has been registered against three persons for cheating the 51-year-old. 


As per the PTI report, the complainant, a resident of Navi Mumbai's Vashi area, was enticed to invest in shares and initial public offering (IPO) of a well-known firm by the accused using falsified capital gains statements and tax documents. 


Cyber police station's senior inspector Gajanan Kadam told PTI that he had invested a huge sum as instructed by the accused since December last year. 


According to the news agency, the complainant however did not get the returns as promised. When the Navi Mumbai man sought a refund of the invested amount from the accused, he began giving evasive replies. 

Based on the complaint filed on February 21, the Navi Mumbai police registered a case against three people. They were charged under Sections 419 (cheating by personation), 420 (cheating), 467, 468 (forgery) and 34 (common intention) of the Indian Penal Code and relevant provisions of the Information Technology Act, the PTI report stated. 

In a similar case, another woman from Navi Mumbai was defrauded of crores in an online share trading scheme following which a case has been registered against nine persons by the city police. 

According to a report in PTI, a 40-year-old woman from New Panvel was defrauded of Rs 1.92 crore by the accused persons. She was being persuaded to invest in online share trading and was promised high returns on her investments. 

The woman, based on their assurances, since December 2023 had transferred a total of Rs 1,92,82,837 into various bank accounts as per their instructions. However, she later understood she could not take any funds from her assets which indicated she had been defrauded. 

Cyber Police Station's Senior Inspector Gajanan Kadam, speaking on the case, told PTI that despite the woman's attempts to obtain clarity from the accused, she got ambiguous responses and subsequently filed a formal complaint with the police.

The nine persons were booked under relevant provisions of the Information Technology Act and the Indian Penal Code Sections 420 (cheating), 406 (criminal breach of trust), and 34 (common intention).

With PTI inputs

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