India News | Man from Navi Mumbai Duped of Rs 24 Lakh in Investment Fraud
Get latest articles and stories on India at LatestLY. A 47-year-old man from Navi Mumbai in Maharashtra has allegedly been cheated of Rs 24.05 lakh after being promised high returns in a scheme of purchase of kola nuts, police said on Wednesday.
Thane, Jan 24 (PTI) A 47-year-old man from Navi Mumbai in Maharashtra has allegedly been cheated of Rs 24.05 lakh after being promised high returns in a scheme of purchase of kola nuts, police said on Wednesday.
The kola nut is rich in caffeine and acts as a central nervous system stimulant.
The victim, hailing from Kharghar area, told the police that he was contacted by some persons, who presented a fake business deed purportedly from a UK-based pharmaceutical company.
The fraudsters lured the victim to invest in a scheme of purchase of kola nuts and promised him lucrative returns, an official from the Navi Mumbai cyber police station said.
The victim made payments of Rs 24,05,000 to the accused over the last four-five months.
However, when he did not received the returns as promised and got evasive replies from those who lured him, he filed a complaint with the cyber police.
Based on the complaint, the police on Tuesday registered a case against seven persons under Indian Penal Code sections 419 (cheating by personation), 420 (cheating), 468 (forgery for purpose of cheating) and 34 (common intention) and were carrying out an investigation into it, the official said.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)