Police recover Rs 10 lakh lost by woman in stock market trading scam

PTI, Mar 25, 2024, 5:21 PM IST

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Thane: Police have recovered more than Rs 10 lakh belonging to a woman who fell victim to an online financial scam in Thane district, an official said on Monday.

Several months ago, the victim, a resident of the Kashimira area, was lured into investing in the stock market with promises of high returns, an official press release by the Mira-Bhayandar Vasai-Virar (MBVV) police said.

However, she was cheated of more than Rs 10 lakh by fraudsters and subsequently filed a police complaint. Based on the complaint, an FIR (first information report) was registered at the Kashimira police station under sections 420 (cheating), 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code and relevant provisions of the Information Technology Act, it said.

Police swiftly initiated an investigation and uncovered that the victim’s funds had been transferred to various bank accounts. They managed to freeze these account in coordination with the banks concerned, said the release.

Pursuant to legal proceedings and persistent follow-up by officers of the Kashimira police station, the entire sum of Rs 10,29,312 lost by the woman in the fraud was recovered and restored to the victim’s account, it added.