Two cheated of over ₹1 cr in separate online share trading frauds
Two stock market investment fraud cases were reported in the city, involving losses of ₹53.94 lakh and ₹60.90 lakh. FIRs were lodged on September 1.
At least two cases related to stock market investment fraud were registered in the city on Sunday, said police.
In the first incident, a forty-year-old resident of Bibvewadi lodged a complaint against SM Global Securities 20 firm official Shivangi Agrawal for allegedly promising huge returns on investment in share market and later cheating the victim for ₹53.94 lakh. The incident occurred between July 27 till August 29.
The FIR was lodged on September 1 following a detailed investigation by the cyber police.
In the second case, a Dhankawdi resident lodged a complaint with cyber police stating that he was cheated of ₹60.90 lakh by the officials of Jiya Gangwani of B57IIFL Stock Exchange Group who too promised good returns on investment and later cheated him. The offence took place between July 20 and August 29 and the FIR was lodged on September 1.
The police have invoked Bharatiya Nyay Sanhita (BNS) 318 (4), 319(2) and 3(5) including section 66 D of the Information Technology Act in both cases.
The cyber police explained that the modus operandi of the fraudsters was to lure victims to install trading applications not registered under the Securities and Exchange Board of India (SEBI) and cheat them by promising good returns.
