Thane, 5th October 2024: A 57-year-old businessman from Thane has fallen victim to an online share trading scam, losing ₹5 crore. The Naupada police have opened a case against two suspects linked to the fraud and are working to identify them.

The businessman, who is involved in the import-export of agricultural products, encountered a man named “Mr Kapoor” during a business trip to Dubai in April. Kapoor, claiming to be an employee of JP Morgan, spoke highly of a Mumbai-based share trader affiliated with an American firm, portraying her as exceptionally skilled in generating substantial investment returns.

Upon returning to Thane, the businessman received a call from a woman who claimed to be recommended by Kapoor. She introduced herself as a representative of a company that specialized in online currency and coin trading. In his complaint, the victim stated, “The woman guaranteed remarkable returns and suggested it would transform my financial situation.” He began investing through the share trading company and initially saw positive returns.

The police reported that the businessman received documentation outlining various investment schemes, which led to increased pressure to invest more funds. To confirm the authenticity of these schemes, he contacted the authorities listed in the documents via email. The responses he received clarified that those authorities had neither sent any communication nor had any involvement in share trading. By the time he realized the deception, he had already lost ₹5 crore.

Inspector Prakash W. Rake from the Thane cyber police station noted that numerous cases of share trading fraud are reported each month. “Individuals are often enticed by the promise of high returns and transfer money without verifying the identities of those behind the schemes. Once the funds leave India, recovering them becomes extremely challenging. Increasing awareness is crucial in combating these scams,” he emphasized.