Thane man defrauded of Rs 3.96 crore in online share trading scam

Thane: A 48-year-old senior manager from Thane has reportedly lost Rs 3.96 crore in a sophisticated online share trading fraud, police officials said on Friday.

According to the complaint, the victim was deceived between May and October after being approached by three individuals, including a man identified as Shankar Ramrakhiyanai, the administrator of a WhatsApp group falsely claiming affiliation with a reputed securities firm and a woman named Suraksha.

The accused allegedly lured the victim with promises of high returns on equity trades and investment schemes. Convinced by their claims and the professional-looking trading links they shared, the man transferred nearly Rs 3.96 crore into multiple bank accounts.

“The fraudsters created an impression of legitimacy through well-structured schemes and trading portals. After the money was deposited, they abruptly stopped responding. We are currently tracking all digital and financial footprints,” a police official said.

The Cyber Police Station in Thane registered a case on Wednesday. An investigation is underway to identify the culprits and trace the diverted funds.

The incident adds to a rising number of online trading scams in Maharashtra, prompting authorities to urge investors to verify platforms and avoid engaging with unverified groups on social messaging apps.

(with inputs from agencies)