Thane Man Duped Of Rs 1.23 Crore In Share Trading Fraud, 3 Arrested

A 60-year-old man and eight others from Maharashtra's Thane district allegedly lost Rs 1.23 crore to fraudsters who lured them to invest in share trading, promising him lucrative returns, police said on Friday.

Based on a complaint, the police have registered a case against three persons under sections 318(4) (cheating), 316(2) (criminal breach of trust) and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act, an official said.

According to the police, the alleged fraud occurred between November 2023 and March 2025.

The official said the accused, Aniket Muzumdar (35), Sandesh Joshi (43), and Sanket Joshi (36), all residents of Dombivli, ran an investment advisory firm and conducted share market training sessions.

The trio allegedly lured victims by promising high and assured returns through strategic investments in the stock market, he said.

"The accused projected themselves as experts and built trust among the victims by conducting formal training and offering professional advice," the official said.

He said the victims collectively invested Rs 1.23 crore, and when they started asking for returns or the refund of their principal amounts, the accused allegedly avoided their calls and gave evasive responses.

A probe is underway to trace the accused and recover the defrauded amount, the official said, adding that more such victims might emerge during investigations. 

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