A 48-year-old man from Maharashtra's<a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/rajendra-lodha-fraud-case-ed-raids-13-locations-in-mumbai-and-thane-in-money-laundering-probe-23602874?news-world-news-photo-breakingnews" target="_blank" rel="none noopener"> Thane</a> was duped out of nearly Rs 3.96 crore through an online share trading fraud, officials said on Friday, reported news agency PTI.
The victim, who works as a senior manager in a private company, lost the money between May and October, they said.
In his police complaint, the man said he was approached by three persons -- one Shankar Ramrakhiyanai, an administrator of a WhatsApp group claiming to be linked to a securities company, and a woman identified as Suraksha, reported PTI.
The accused coaxed him to invest in shares and various <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/thane-businessman-duped-of-rs-16-lakh-in-coconut-trade-fraud-4-booked-23602678" target="_blank" rel="none noopener">equity market transactions</a>, promising high returns, an official said.
Trusting their assurances, the man transferred about Rs 3.96 crore into several bank accounts.
"The accused created an impression of legitimacy through trading links and structured schemes. Once the funds were transferred, they cut off communication. We are verifying all digital and financial trails," said an official, reported PTI.
The <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/thane-cyber-police-unearth-rs-75-48-crore-gst-fraud-probe-underway-23601467" target="_blank" rel="none noopener">Cyber police station</a> in Thane city registered a case on Wednesday, he said, adding that a probe is underway.
<h2>Man held for cheating firm of Rs 36 lakh on pretext of selling shares</h2>
In another case, a 39-year-old businessman was arrested from Bengaluru for allegedly cheating a private company of Rs 36 lakh under the pretext of selling unlisted shares of the National Stock Exchange (NSE), a police official said here on Thursday, reported PTI.
The <a href="https://www.mid-day.com/mumbai/mumbai-news/article/thane-woman-duped-of-rs-24-7-lakh-in-online-investment-scam-nine-booked-23593329" target="_blank" rel="none noopener">Borivali police</a> official identified the arrested accused as Rajat Amar Chandra Jain, reported PTI.
"Jain had taken Rs 95 lakh from a private company for the purchase of unlisted NSE shares. Though he returned Rs 59 lakh, he allegedly misappropriated the remaining Rs 36 lakh. The complainant is a Borivali-based stock market consultant who manages share transactions for the said company," he said, reported PTI.
"In May 2025, the company had planned to purchase unlisted NSE shares. During this process, an acquaintance introduced the consultant to Jain, who claimed to possess 10 such shares and offered them at Rs 1,900 per share. Finding the price reasonable, the company agreed to buy 5,000 unlisted shares, amounting to Ra 95 lakh, which was transferred to Jain's account," the official added, reported PTI.
Jain later denied receiving the funds and refused to transfer <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/thane-78-persons-duped-of-rs-3-7-crore-in-investment-fraud-probe-on-23566382" target="_blank" rel="none noopener">the shares</a>, following which the consultant approached the police.
Jain was arrested for cheating, criminal breach of trust and other offences, the official said.
(With inputs from PTI)

A 48-year-old man from Maharashtra`s Thane was duped out of nearly Rs 3.96 crore through an online share trading fraud, officials said on Friday

Online share trading fraud costs Thane man nearly Rs 4 crore

Thane: Ex-manager of private company booked over misappropriation of Rs 63.8 lakh

In his police complaint, the man said he was approached by three persons -- one Shankar Ramrakhiyanai, an administrator of a WhatsApp group claiming to be linked to a securities company, and a woman identified as Suraksha

Thane man loses Rs 3.96 crore in online share trading fraud

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Mumbai / Mumbai Crime News / Article / Thane man loses Rs 3.96 crore in online share trading fraud