Thane engineer loses Rs 3 crore in online trading fraud

THANE: A 46-year-old mechanical engineer from Thane has alleged that he was cheated of more than Rs 3 crore after being persuaded to invest in a fraudulent online trading platform, police say. The man, who lives in the Kasarvadavali area of the Maharashtra city, told officers that he was contacted by an individual who promised high returns through investments on a website. According to police, he invested Rs 3,15,67,954 between 12 December 2025 and 11 February this year. Lahu Rathod, a sub-inspector at the cyber police station, said the complainant was initially shown a profit of $500,000 on the platform, which increased his confidence in the scheme. However, when he later tried to withdraw or secure his invested money, his account was blocked. “The complainant stated that he was initially shown a profit of USD 5 lakh on the platform, which built his confidence. However, when he attempted to withdraw or secure his invested amount, his account was blocked and he realised that he had been cheated,” the officer said. Police registered a case on Friday against three unidentified individuals under sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita, as well as sections 66(C) and 66(D) of the Information Technology Act, which deal with identity theft and cheating by impersonation using computer resources.