Thane: A 48-year-old man from Maharashtra's Navi Mumbai township has reportedly been swindled of Rs 1.07 crore in a fraudulent share trading scheme, the police said on Monday.

According to senior inspector Gajanan Kadam of the Navi Mumbai cyber police, the man, a resident of Kharghar, was approached by fraudsters between February 13 and May 5. They promised him high returns through share trading and convinced him to invest in various bank accounts associated with their app and website.

The victim transferred a total of Rs 1,07,09,000 into these accounts. However, when he requested returns and a refund, the fraudsters did not respond.

Realizing he had been defrauded, the man filed a complaint with the cyber police. Subsequently, the police registered a case on Sunday under sections 419 (cheating by personation), 420 (cheating), and 34 (common intention) of the Indian Penal Code, along with provisions of the Information Technology Act.

The case has been filed against 15 individuals, including the owners of the app and website involved in the fraudulent scheme. An investigation is underway.

DRI Busts Gold Smuggling Syndicate Near Ahmedabad Airport, 10 Kg Gold seized

BSF Seizes Rs 12 Crore Worth of Gold Along India-Bangladesh Border

Joint Operation Busts International Drug Smuggling Network in Punjab, 7 arrested