Two individuals in Thane, Maharashtra, are facing charges for allegedly defrauding 12 people of ₹1.78 crore through a deceptive share market scheme promising high investment returns.
Key Points
- Two men in Thane are accused of defrauding 12 people of ₹1.78 crore through a fake share market investment scheme.
- The accused allegedly lured investors with promises of high returns between 2021 and 2025.
- The case has been registered under the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act.
- The complainant invested ₹26 lakh in the fraudulent share market scheme.
- Police investigation is ongoing, and no arrests have been made yet in the Thane share market fraud case.
A case has been registered against two men in Maharashtra's Thane city for allegedly duping 12 people of Rs 1.78 crore by luring them to invest in a bogus share market scheme promising them high returns, police said on Friday.
Based on a complaint lodged by a woman from Bhandup in neighbouring Mumbai, the Thane police have registered a case against Sagar Subodh Karivadekar, a resident of Sindhudurg, and Sachin Balkrishna Rane of Thane, under sections 318(4) (cheating), 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act.
Details of the Investment Fraud
An official stated that the duo allegedly persuaded the complainant and 11 others to invest in a share market scheme they had floated between October 15, 2021, and December 30, 2025, promising lucrative returns.
The complainant alone had invested Rs 26 lakh in the scheme, he said.
However, the accused allegedly failed to return the invested sum, defrauding the complainant and others of Rs 1,78 crore over the last five years, the official said, adding that no arrests have been made so far.
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