Mumbai, November 20: A 70-year-old man from Thane has allegedly been cheated of INR 6.44 crore after two individuals lured him into an online share-trading scheme promising high returns, police said on Thursday, November 20.

According to the news agency PTI, the accused, identified as Advika Sharma and Rakesh Jain, approached the victim through a WhatsApp group linked to a company that claimed to offer lucrative stock market profits. The fraud is believed to have taken place between September 24 and November 6. Online Trading Scam in Mumbai: Fraudsters Dupe Elderly Cancer Patient of INR 82 Lakh via Fake 'Government-Endorsed Finadexa’ Website in Chembur.

Police said the victim was instructed to open a trading account where both his investments and supposed profits were shown as deposits. Jain allegedly gained access to this account and siphoned off the entire amount.

A case has been registered under Section 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS) along with relevant provisions of the Information Technology Act. Investigators are now tracking the flow of funds and scrutinising the bank accounts involved in the transactions. What Is an Online Share Trading Scam? As Mumbai Man Loses INR 3.63 Crore in 15-Day Fraud, Know How To Protect Yourself.

In another incident, a 48-year-old man from Maharashtra's Thane was duped out of nearly INR 3.96 crore through an online share trading fraud, officials said on November 14. The victim, who works as a senior manager in a private company, lost the money between May and October, they said.

In his police complaint, the man said he was approached by three persons -- one Shankar Ramrakhiyanai, an administrator of a WhatsApp group claiming to be linked to a securities company, and a woman identified as Suraksha.

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