According to the complaint, the couple was introduced to Karle in December 2024, and the latter claimed to possess 5,000 unlisted shares of NSDL and 3,000 of NSC (National Stock Exchange), luring them to purchase the shares, claiming they would soon be listed
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An elderly couple from Maharashtra's Thane district was allegedly cheated of Rs 17.5 lakh by a man who promised them high returns on shares, police said on Tuesday, reported news agency PTI.
The police on Monday registered a first information report (FIR) against the accused, Amit Yuvraj Karle, a resident of Panvel in Navi Mumbai, under sections 318(4) (cheating) and 316(2) (criminal Breach of Trust) of the Bharatiya Nyaya Sanhita (BNS), an official said.
According to the complaint, the couple was introduced to Karle in December 2024, and the latter claimed to possess 5,000 unlisted shares of NSDL and 3,000 of NSC (National Stock Exchange), luring them to purchase the shares, claiming they would soon be listed, reported PTI.
The official said that the couple transferred Rs 24.5 lakh to Karle's bank account between January and March 2025, and he returned Rs 7 lakh following threats of legal action. However, the remaining sum of Rs 17.5 lakh was never recovered, and the promised shares were never transferred to them, reported PTI.
The fraud came to light after the complainants visited Karle's house, only to learn that he was already in jail in connection with some other criminal cases, he said, adding that a probe has been initiated.
Thane businessman loses Rs 1 crore in shares investment fraud
In another case, the police have registered an FIR against three individuals for allegedly cheating a Thane-based businessman of Rs 1 crore through a fraudulent investment scheme, officials said on Tuesday, reported PTI.
The 43-year-old businessman, a resident of Wagle Estate in Maharashtra's Thane city, came across an advertisement on a social media platform in June last year, offering high returns on investments in IPOs and shares, reported PTI.
He then contacted three persons in this connection. To gain his trust, the accused held a meeting with him at a hotel in Thane and provided him with a forged digital demat link.
Believing the platform was legitimate, the victim transferred Rs 1 crore in 29 separate transactions to various bank accounts between June and July 2025, an official from Wagle Estate police station said, reported PTI.
The demat link dashboard showed a profit of Rs 19 crore, but he was unable to withdraw any funds. The accused then demanded a 20 per cent commission to release the amount, following which the victim realised he had been duped, he said.
Based on his complaint, the police registered a case on Sunday under Bharatiya Nyaya Sanhita sections for cheating and forgery and provisions of the Information Technology Act, the official added.
(With input from PTI)
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