Police claimed to have busted a share trading scam with the arrest of a man from Mira Road locality in Maharashtra’s Thane district. They also seized seven mobile phones, 15 SIM cards, nine ATM cards of different banks, two cheque books, two PAN cards and four rubber stamps, senior police inspector Gajanan Kadam said.
The scam came to light after a man lodged a complaint, in which he alleged that he was duped of Rs 29 lakh between January 18 and February 29 this year after being lured into investing in share trading schemes that promised high returns, he said.
Acting on the complaint, Navi Mumbai’s cyber police launched an investigation that led to the arrest of 39-year-old Piyush Jawarilal Lodha from Mira Road in the early hours of March 23. During the interrogation, Lodha admitted that he was involved in the scam, he added.
In a move to mitigate the financial damage caused by the scam, the police worked closely with banks to freeze an amount of Rs 16,71,750, identified in various accounts linked to the scam, Kadam said.
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