₹74 Lakh Share Trading Scam Hits Navi Mumbai
TLDR: A Panvel resident lost ₹74.6 lakh in a share trading scam. Turns out, dreams of quick riches are still a great way to lose a fortune.
Another day, another Navi Mumbaikar fleeced by the siren song of easy money. This time, a Panvel resident got hooked by a fraudulent share trading scheme, ultimately losing ₹74.6 lakh.
The victim, lured by promises of high returns, initially invested small amounts. The scammers then showed fake profits, encouraging him to pour in larger sums. Surprise: the profits were as real as a three-rupee note.
The con went on from October 2023 to May 27, 2024, according to the police report. The victim, finally realizing he'd been had, filed a complaint at the Panvel police station.
Police have registered a case under relevant sections of the IPC and the IT Act. This isn't the first time such scams have targeted Navi Mumbai residents. If it sounds too good to be true, it probably is. Remember that before you wire your life savings to some random.