Cloth merchant loses ₹1.9 crore in share trading fraud in Thane district

A 35-year-old cloth trader from Maharashtra's Thane district was allegedly cheated of Rs 1.9 crore by fraudsters who lured him to take up share trading, police said on Monday. Based on a complaint lodged by the victim, the Khadakpada police on Saturday registered a first information report under relevant provisions of the Information Technology Act, an official said.

The complainant has alleged that the accused got in touch with him and added him to a WhatsApp group to train him to take up share trading and forwarded some links for investments, he said.

He ended up investing Rs 1.9 crore between May and July this year, and when he sought returns, the accused could not be contacted, the official said.

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