Man cheated of ₹57 in share market fraud

The accused promised a higher rate of return on investments and cheated the victim identified as Umesh Yashwant Pasalkar, 41, a resident of Jajuwada in Sadashiv Peth

The Vishrambaug police have lodged a case against a 27-year-old man for cheating an individual for ₹57 lakh. The crime took place between January 21, 2019 and July 3, 2024.

Police said, a FIR was lodged under Bharatiya Nyaya Sanhita (BNS) 406 and 420. No arrest has been made so far. (REPRESENTATIVE PIC)

The accused promised a higher rate of return on investments and cheated the victim identified as Umesh Yashwant Pasalkar, 41, a resident of Jajuwada in Sadashiv Peth.

According to Pasalkar, the accused identified as Prathamesh Sanjay Bhilare, a resident of Dattawadi promised five percent on investment of his money in shares.

The victim transferred ₹57.34 lakh to the accused who did not fulfil the promise, violated the conditions mentioned in the promissory note and cheated Pasalkar.

Police said, a FIR was lodged under Bharatiya Nyaya Sanhita (BNS) 406 and 420. No arrest has been made so far.