An elderly couple from Maharashtra’s Thane district has alleged that they were cheated of ₹17.5 lakh by a man who promised high returns on shares, police said on Tuesday.
Police have launched a detailed investigation into the matter. (Pexels)
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The couple claimed they were lured into transferring large sums of money after being assured that the shares would soon be officially listed, giving them substantial returns.
Police have registered a first information report (FIR) against the accused, identified as Amit Yuvraj Karle, a resident of Panvel in Navi Mumbai, news agency PTI reported.
The case was filed on Monday under sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS), an official said.
Reportedly, the couple was introduced to Karle in December 2024. He allegedly told them that he owned 5,000 unlisted shares of NSDL and 3,000 shares of the National Stock Exchange (NSE).
Karle reportedly claimed that the shares would soon be listed, persuading the couple to invest in them.
Between January and March 2025, the couple transferred a total of ₹24.5 lakh to Karle’s bank account, police said. After the couple threatened legal action, Karle returned ₹7 lakh.
However, the remaining ₹17.5 lakh was never returned, and the promised shares were not transferred to the couple.
The alleged fraud came to light when the couple visited Karle’s residence to recover their money. They then discovered that he was already in jail in connection with other criminal cases, the official said.
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Police have launched a detailed investigation into the matter.
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