Nagpur, Sep 14 (PTI) Police have registered a case against four persons for allegedly duping a Nagpur-based industrialist of nearly Rs 50 lakh on the false promise of huge profit from trading in shares in Singapore stock market, police said.

Also Read | India's Trade Deficit Widens 139% to USD 27.98 Billion in August 2022.

Victim A Vishnu Prakash (44), owner of A P Industries located in MIDC here, lodged a police complaint in this regard, police said.

Also Read | PM Narendra Modi Meets Bhutan King Jigme Khesar Namgyel Wangchuck, Discusses Bilateral Issues.

Prakash had befriended Pravin Kumar Bansal, Trilok Tripathi, Nilesh Rai and Nishant Kukreja on Instagram, who lured him to invest in share trading in Singapore Exchange Ltd by promising huge profits, they said.

"After winning his confidence, they asked him to deposit money into their bank accounts. Accordingly, he transferred Rs 49,94,743 in August this year. However, they neither shared any profit, nor returned the amount invested by him," an official said.

On the basis of his complaint, police registered a case under Indian Penal Code (IPC) sections 420 (cheating), 34 (common intention) and under the Information Technology Act.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)