An elderly couple in Thane district was cheated of Rs 17.5 lakh in a share scam after being lured by promises of high returns on unlisted shares
Elderly Couple Cheated of Rs 17.5 Lakh in Maharashtra
An elderly couple from Thane district in Maharashtra was allegedly cheated of Rs 17.5 lakh by a man who promised them high returns on shares, police reported on Tuesday.
Details of the Case
The police registered a first information report (FIR) against the accused, Amit Yuvraj Karle, a resident of Panvel in Navi Mumbai. He is charged under sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS).
According to the complaint, the couple met Karle in December 2024. He claimed to have 5,000 unlisted shares of NSDL and 3,000 shares of NSC (National Stock Exchange). He lured them to buy the shares, saying they would soon be listed.
Between January and March 2025, the couple transferred Rs 24.5 lakh to Karle’s bank account. He returned Rs 7 lakh after they threatened legal action. However, the remaining Rs 17.5 lakh was never recovered, and the promised shares were not transferred.
The fraud was discovered when the couple visited Karle’s house. They learned he was already in jail for other criminal cases. A probe has been initiated.
Another Case of Fraud in Thane
In a separate case, the police registered an FIR against three individuals for allegedly cheating a businessman in Thane out of Rs 1 crore through a fraudulent investment scheme.
The 43-year-old businessman, who lives in Wagle Estate, saw an advertisement on social media in June last year. The ad promised high returns on investments in IPOs and shares.
He contacted three individuals regarding the investment. To gain his trust, they met him at a hotel in Thane and provided a forged digital demat link.
Believing the platform was real, the victim transferred Rs 1 crore in 29 transactions to various bank accounts between June and July 2025. The demat link showed a profit of Rs 19 crore, but he could not withdraw any funds.
The accused then demanded a 20 percent commission to release the amount. The victim realized he had been duped. Based on his complaint, the police registered a case on Sunday under sections for cheating and forgery of the Bharatiya Nyaya Sanhita and provisions of the Information Technology Act.
Summary of Cases
| Case | Victim | Amount Cheated | Accused | Date of Incident |
|---|---|---|---|---|
| Elderly Couple | Couple from Thane | Rs 17.5 lakh | Amit Yuvraj Karle | Dec 2024 – Mar 2025 |
| Businessman | 43-year-old from Wagle Estate | Rs 1 crore | Three individuals | Jun – Jul 2025 |
