Thane Senior Citizen Duped of Rs 6.44 Crore in Online Share Trading Scam

A 70-year-old resident of Thane, Maharashtra, was allegedly defrauded of Rs 6.44 crore by two accused who lured him into an online share trading scheme promising high returns, police confirmed on Thursday. The perpetrators, identified as Advika Sharma and Rakesh Jain, initially contacted the victim through a WhatsApp group linked to a company promoting lucrative investments in shares.

According to police reports, the fraud occurred between September 24 and November 6. The victim was instructed to open a share trading account where both the invested money and profits were shown as deposited. However, Rakesh Jain allegedly gained unauthorized access to the victim’s account and siphoned off the entire amount of Rs 6.44 crore.

The Thane police have registered a case under section 318(4) of the Bharatiya Nyaya Sanhita (BNS) related to cheating, along with applicable provisions of the Information Technology Act. Authorities are actively tracing the money trail and tracking bank accounts that were used to transfer the fraudulent funds.

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This elaborate scam highlights the growing sophistication of cyber frauds exploiting online investment platforms and social media groups. Police have cautioned the public to be vigilant when dealing with online share trading offers that promise unusually high profits without credible verification.

Investigations remain ongoing, with law enforcement agencies working to apprehend the accused and recover the victim’s money. The case serves as a stern reminder of risks involved in unregulated digital investment schemes, particularly for senior citizens and vulnerable individuals.

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