India News | Navi Mumbai Man Duped of Rs 1.19 Crore in Investment Fraud; 3 Booked

Thane, Feb 22 (PTI) A case has been registered against three persons for allegedly cheating a 51-year-old man from Navi Mumbai of Rs 1.19 crore after being promised high returns on investments, police said on Thursday.

The victim, resident of Vashi area, was deceived by the accused with fake capital gains statements and tax documents and lured to invest in shares and the IPO (initial public offering) of a well known company, cyber police station's senior inspector Gajanan Kadam said.

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He invested a huge sum as instructed by the accused since December last year.

But, the victim did not get the returns as promised and the accused gave him evasive replies when he sought a refund of the invested sum, the official said.

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Based on his complaint filed on Wednesday, a case was registered against three persons under Indian Penal Code sections 419 (cheating by personation), 420 (cheating), 467, 468 (forgery) and 34 (common intention) and provisions of the Information Technology Act, the police said.

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