Thane Man Loses Over ₹1.4 Crore in Gold Trading Scam, Case Filed

In a shocking case of financial fraud, a 62-year-old man from Thane, Maharashtra, was reportedly duped of over ₹1.4 crore in a fraudulent gold trading scheme. The complainant, a consultant, alleges that two individuals lured him into the investment, promising high returns from a supposed gold mining and trading venture. Following the victim’s complaint, a case has been registered by the police, and an investigation is underway.

Scam

The Gold Trading Deception

According to the police, the fraud took place between April 11 and May 19, with the victim being convinced to invest in a gold mining and trading scheme that promised a fixed monthly income from mining operations, as well as 15% returns on gold trade. The accused reportedly convinced the consultant to transfer over ₹1.4 crore into several bank accounts, claiming the money would be used for the investment.

However, after making the payments, the victim did not receive any returns, as promised. When the complainant tried to reach out to the accused for updates on his investment, they reportedly avoided his calls and provided no clear answers, leaving the victim in the dark about the fate of his money.

Case Registered, Investigation Underway

The police have registered a case under Section 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS) and relevant sections of the Information Technology Act. Authorities have initiated a probe into the financial transactions involved and are trying to trace the accused using digital footprints and bank transaction records.

The police are also analyzing the financial trail to understand the full extent of the scam and how the suspects might have operated across multiple accounts to deceive the victim. The investigation is still in its early stages, but officials are hopeful of making progress by tracking down the culprits.

A Growing Concern

This scam is part of a worrying trend of investment frauds that exploit unsuspecting individuals with promises of high returns in sectors like gold trading, cryptocurrency, and other financial markets. Experts urge people to be cautious of such schemes and verify the legitimacy of any investment opportunity before committing significant amounts of money.

Authorities have advised the public to conduct thorough due diligence and report any suspicious activity to the police immediately to avoid falling victim to such frauds.