A 44-year-old medical store owner from Thane, Maharashtra, was allegedly swindled out of Rs 23.5 lakh by a Diva-based financial services company and its associates in a share trading scam. The Thane police have booked the firm’s owner and five others under sections 316(2), 316(5) (criminal breach of trust), 318(4) (cheating), and other provisions of the Bharatiya Nyaya Sanhita (BNS) for the fraud, which unfolded between March and August 2025.

According to the Mumbra police, the complainant was lured with promises of high returns on share trading investments. “The accused convinced him to make repeated payments, but when he demanded his profits or principal amount, they abused and threatened him,” an official said. The victim faced death threats against himself and his family when he persisted for repayment, prompting him to approach the police on Wednesday.

The accused allegedly used deceptive tactics to exploit the complainant’s trust, leaving him financially devastated. “I believed their promises, but they cheated me and threatened my life,” the victim told authorities. The police are now investigating the firm’s operations and financial transactions to uncover the extent of the scam and identify other potential victims.

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Local residents expressed shock at the incident, with one neighbor, Anil Sharma, stating, “Such frauds shake trust in financial services.” The case highlights the growing menace of investment scams, with authorities urging the public to verify firms before investing. As the investigation deepens, police are working to bring the culprits to justice and recover the defrauded amount.

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