A Thane businessman was defrauded of Rs 1 crore by three individuals via a fake IPO investment scheme, with the scam unfolding in Thane city
Thane Businessman Cheated of Rs 1 Crore in Fraudulent Investment Scheme
Police have registered an FIR against three individuals for allegedly cheating a Thane businessman of Rs 1 crore through a fraudulent investment scheme, officials said on Tuesday, reported news agency PTI.
Details of the Case
The 43-year-old businessman, a resident of Wagle Estate in Maharashtra’s Thane city, found an advertisement on a social media platform in June last year. The ad promised high returns on investments in IPOs and shares.
He contacted three individuals regarding this investment. To gain his trust, the accused met him at a hotel in Thane and provided a forged digital demat link, reported PTI.
Investment and Realization of Fraud
Believing the platform was legitimate, the victim transferred Rs 1 crore in 29 separate transactions to various bank accounts between June and July 2025, according to an official from Wagle Estate police station.
The demat link dashboard showed a profit of Rs 19 crore, but the victim could not withdraw any funds. The accused then demanded a 20 percent commission to release the amount. This led the victim to realize he had been duped, the official said, reported PTI.
Police Action
Based on his complaint, the police registered a case on Sunday under Bharatiya Nyaya Sanhita sections for cheating and forgery, as well as provisions of the Information Technology Act, the official added.
| Detail | Information |
|---|---|
| Victim Age | 43 years |
| Location | Wagle Estate, Thane, Maharashtra |
| Investment Amount | Rs 1 crore |
| Number of Transactions | 29 |
| Profit Shown | Rs 19 crore |
| Commission Demanded | 20 percent |
