Mumbai man loses Rs 1.07 crore in trading scam; Here's how Indians lost Rs 1,750 cr in just four months

A 48-year-old man from Navi Mumbai's Kharghar township has allegedly been duped of Rs 1.07 crore after being lured into a share trading scam by fraudsters. Police registered a case on Sunday against 15 individuals, including the owners of an app and a website, as part of an ongoing investigation.

Senior Inspector Gajanan Kadam of the Navi Mumbai cyber police said the fraudsters contacted the victim multiple times between February 13 and May 5, promising lucrative returns from share trading. They persuaded him to deposit Rs 1,07,09,000 in various bank accounts. When the victim sought returns and a refund of his investment, the fraudsters failed to respond, prompting him to file a complaint with the cyber police.