Thane: A 51-year-old man from Thane, Maharashtra, has allegedly lost Rs 1.98 crore in an online trading fraud after a Gujarat-based man reportedly gained his trust by promising lucrative investment returns, police said on Tuesday.
The case involves Rupal Dineshbhai Kanjara, 37, a resident of Navsari, Gujarat, who allegedly posed as a sub-broker and persuaded the victim to invest through trading accounts. According to the complaint, the accused assured the complainant of high returns on his investments.
Investigators suspect that the alleged fraud continued for nearly three years, from September 1, 2023, to April 26, 2026. During this period, Kanjara allegedly gained the confidence of the victim’s family and convinced the man, his wife and a relative to share one-time passwords (OTPs) under the pretext of facilitating investments.
However, the money was allegedly transferred or withdrawn without the promised purchases of shares or fixed deposits being made. The complainant subsequently alleged that he had been cheated of a total of Rs 1.98 crore.
The incident highlights the risks associated with online investment schemes that promise unusually high returns and seek access to sensitive banking credentials. One-time passwords are meant to authenticate transactions and should not be shared with anyone claiming to help with investments.
Following the complaint, Kasarvadavli police registered a case against the accused on Sunday. The police are investigating the alleged financial transactions and the circumstances surrounding the fraud.
No arrests had been made at the time of reporting, according to the police official cited in the report. The police have not disclosed further details about the investigation or the recovery of the alleged defrauded amount.
The allegations are under investigation, and the accused’s guilt has not been established.
