Thane: 48-Year-Old Man Duped Of ₹40.99 Lakh In Fake Online Trading Scam

On Monday, in a fake online trading scam, a 48-year-old man from Maharashtra's Thane city was cheated of Rs 40.99 lakh, according to the police.

Scammers Lure Victim Through Advertisement

He was guided by the scammers to invest in IPOs on Facebook through a trading advertisement. The man was added to a WhatsApp group.

Amount Of Money Transferred?

In May and June this year, he transferred Rs 40,99,814 to some bank accounts. He was unable to withdraw the amount when his accounts reflected that his investment had risen to Rs 88,39,072.

Victim Realises He Has Been Cheated

An official from Vartak Nagar police station said that when the scammers asked him to pay 20 per cent of the amount as tax, the man realised he was cheated.

Victim Approaches The Police

The victim made efforts to recover the money and after he failed to do so, he approached the police.

Police Register FIR

Based on his complaint, the police on Sunday registered an FIR against two persons, including a woman, under sections 318(4) (cheating) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita as well as provisions of the Information Technology Act, the official said.

Bharatiya Nyaya Sanhita

Section 318 of the Bharatiya Nyaya Sanhita (BNS) deals with cheating, while Section 3(5) defines common intention. Cheating under Section 318 involves deception to induce someone to do something against their interest, leading to loss or harm. Common intention, as defined in Section 3(5), refers to a situation where multiple individuals have a shared criminal design or purpose.  This section outlines the various ways in which cheating can be committed, including hiding facts, using fake documents, or making false claims.