Scam Alerts: Thane Businessman Duped of Rs.5-Cr in Online Share Trading Scam

A 57-year-old businessman from Thane was scammed of Rs. 5 crore in an online share trading fraud. The Naupada police have registered a case against two suspects and are currently working to identify them.

The businessman, who runs an import-export business dealing in agricultural products, was on a trip to Dubai in April when he met a man who introduced himself as ‘Mr. Kapoor’ and claimed to work for JP Morgan. During their conversation, Kapoor spoke about a Mumbai-based share trader working for an American company, who was said to be highly skilled in providing impressive returns on investments in the share market.

After returning to Thane, the businessman received a call from a woman who claimed to be recommended by Kapoor. She told him that she worked with a company specializing in online currency and coin trading. The businessman later mentioned in his complaint, “The woman assured me of tremendous returns and claimed it would change my fortunes.” He began investing through the company and initially received good returns.

As the investment continued, the businessman received documents outlining various schemes, which pressured him to invest further. To verify the legitimacy of the schemes, he checked the names of the authorities listed in the documents and emailed them. The response revealed that the authorities had neither sent any correspondence nor were they involved in share trading. By the time he realized he was being scammed, he had already lost Rs. 5 crore.

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