Nagpur retiree loses Rs 28 lakh to share market investment fraud

Nagpur: Cyber fraudsters have cheated a retired employee of Rs 28 lakh by luring him with the promise of quick, heavy profits from investing in the share market.

The victim is Anil Singh Bais, a resident of Jaripatka. On his complaint, the cyber police have registered a case of cheating against Ashish Thakur, Shrikant Mittal, Yashvardhan Panwar, Rajat Sharma, Sumit Gupta and others.

According to the information available, the accused contacted Bais in May. Claiming to own a firm called Garg Trading Company, they assured him of big profits if he invested in the share market.

Taken in by the accused, Bais began investing. Over about five months, he invested a total of Rs 28 lakh.

However, when he did not get the expected returns on his investment and suspected fraud, he approached the police. Based on his complaint, the cyber police have registered a case against the accused and begun an investigation.