Maharashtra Man Loses Rs 3.96 Crore in Sophisticated Online Share Trading Scam

The perpetrators persuaded the victim to invest in shares and various equity market operations.

Thane:

Officials reported on Friday that a 48-year-old man from Maharashtra's Thane was swindled out of nearly Rs 3.96 crore in an online share trading scam.

The victim, employed as a senior manager at a private company, suffered these financial losses between May and October, according to authorities.

In his statement to police, the victim recounted being contacted by three individuals - one Shankar Ramrakhiyanai, an administrator of a WhatsApp group claiming affiliation with a securities company, and a woman identified as Suraksha.

An official stated that the suspects convinced him to invest in shares and various equity market transactions, with promises of substantial returns.

Believing their guarantees, the man transferred approximately Rs 3.96 crore into multiple bank accounts.

"The perpetrators created an appearance of legitimacy through trading links and organized schemes. After receiving the funds, they severed all communication. We are currently investigating all digital and financial connections," explained an official.

A case was registered on Wednesday at the Cyber police station in Thane city, he added, noting that an investigation is currently in progress.

This incident highlights the increasing prevalence of sophisticated online investment frauds targeting individuals.