23-year-old duped of ₹95.5k by online stock trading company

PUNE: Officials of a stock trading firm based in Indore were booked by the Pune police for cheating and duping a 23-year-old man from Pune for ₹95,500 in November 2020

PUNE: Officials of a stock trading firm based in Indore were booked by the Pune police for cheating and duping a 23-year-old man from Pune for ₹95,500 in November 2020.

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The transaction happened between October 17, 2020 and November 5, 2020 through online transfer, according to the police.

“We had received the complaint and asked them (trading firm) to appear, but they failed to do so. So, we registered a case against the company,” said police sub-inspector (PSI) Sunil Gajanan Thopate of Chandannagar police station who is investigating the case.

The complainant in the case was identified as Mukesh Somvanshi, a customer care service executive at a private company, according to the police.

“He had invested ₹50,000 as initial investment and fee for starting a demat account and he was told that he will get ₹5,500 per month. The total amount of money he is owed since then (along with the initial investment) comes to ₹95,500,” said Thopate.

Somvanshi was in touch with a person who identified himself as Ashish and had promised monthly returns to the complainant. The complainant paid the initial amount through an online transfer, according to his complaint. However, as the returns were not paid to him even once, he started asking for his money back but met with no response, according to his complaint.

A case under Sections 419 (personation), 406 (criminal breach of trust), and 420 (cheating) of Indian Penal Code along with Sections 66(c) and 66(d) of Information Technology Act was registered at Chandannagar police station.