Thane Man Duped of ₹40.99 Lakh in Fake Online Trading Scam

August 18, 2025

Thane: A 48-year-old man from Thane, Maharashtra, lost nearly ₹41 lakh after falling victim to a fraudulent online trading scheme, police said on Monday.

According to the victim’s complaint, he came across a stock trading advertisement on Facebook. After showing interest, he was added to a WhatsApp group where alleged fraudsters convinced him to invest in IPOs (Initial Public Offerings).

Between May and June this year, the man transferred a total of ₹40.99 lakh to various bank accounts. His online trading account later showed that his investment had grown to over ₹88 lakh. However, when he tried to withdraw the money, he was unable to do so.

The fraudsters then asked him to pay 20% of the total amount as tax in order to release the funds. That’s when he realized he had been scammed.

After failing to get his money back, the man reported the matter to the police. An FIR was registered on Sunday against two suspects, including a woman, under relevant sections of the Bharatiya Nyaya Sanhita for cheating and criminal conspiracy, along with applicable charges under the Information Technology Act, an official from Vartak Nagar police station confirmed.