Navi Mumbai Builder Falls Victim to ₹13.5 Crore Share Trading Fraud

A builder from Navi Mumbai has reportedly been swindled out of more than ₹13.5 crore in a sophisticated share trading scam orchestrated by cyber fraudsters. The incident, which unfolded over the last eight months, was brought to light on Tuesday by the Navi Mumbai Cyber Police.

Deceptive Tactics and the Lure of Quick Profits

According to the builder's complaint, the alleged scammers contacted him through various channels, persuading him to invest in share trading. The fraudsters convinced the builder to transfer funds to multiple bank accounts, promising substantial returns on his investment. Over the span of eight months, the builder invested more than ₹13.5 crore in the scheme.

No Returns, No Response

The scam came to light when the builder sought returns on his investment, only to be met with silence from the accused. Despite repeated attempts to contact them, the fraudsters failed to respond, leaving the builder with no returns and a significant financial loss.

Legal Action Initiated

In response to the complaint, the Navi Mumbai Cyber Police have registered a case under sections 319(2) (cheating by personation) and 318(4) (cheating) of the Bharatiya Nyay Sanhita (BNS), as well as relevant provisions of the Information Technology (IT) Act. Senior Inspector Gajanan Kadam of the Cyber Police Station confirmed the registration of the case and noted that investigations are ongoing to track down the perpetrators.

A Growing Concern

This case highlights the growing threat of cyber fraud, particularly in the financial sector, where individuals are often lured by the promise of quick and substantial profits. The Navi Mumbai Police urge citizens to remain vigilant and exercise caution when approached with investment opportunities that seem too good to be true.

As investigations continue, the builder hopes to recover his lost funds and bring the fraudsters to justice. This incident serves as a stark reminder of the risks associated with online financial transactions and the importance of due diligence.