Man loses Rs 11.50 lakh in online investment fraud

Thane: A man residing in Thane city of Maharashtra was allegedly cheated to the tune of Rs 11.50 lakh in a case of online investment fraud, police said on Friday.

An offence under IPC sections 419 (cheating by personation), 420 (cheating and dishonestly inducing delivery of property) and also section 66D of the IT act against an unidentified person at Kopri police station in the city in this connection.

“The accused contacted the victim, aged 30, and informed him about the investment schemes of his company. Promising good returns on his investments, the caller asked the man to transfer the money through a website. Believing it to be a lucrative offer, the victim made several investments online in the second week of June. However, he later realised that the website was fake and there was trace of the money he had transferred,” a police official said.

“The victim had been asked to link his bank account to the website for streamlining of the investment process. As the victim had acted as per the instructions, he lost the savings kept in his account,” he added.

After the victim failed to establish contact with the caller, he approached the police and lodged a complaint.