Daijiworld Media Network – Thane

Thane, Jan 13: An elderly couple from Maharashtra’s Thane district has alleged that they were cheated of Rs 17.5 lakh by a man who promised them high returns on investments in shares, police said on Tuesday.

According to the complaint, the couple was lured into transferring large sums of money after being assured that the shares would soon be officially listed, yielding substantial profits. An FIR has been registered against the accused, identified as Amit Yuvraj Karle, a resident of Panvel in Navi Mumbai.

The case was filed on Monday under sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita, an official said.

Police said the couple was introduced to Karle in December 2024. He allegedly claimed that he owned 5,000 unlisted shares of the National Securities Depository Ltd (NSDL) and 3,000 shares of the National Stock Exchange, and that these would soon be listed, persuading the couple to invest.

Between January and March 2025, the couple transferred a total of Rs 24.5 lakh to Karle’s bank account. After the couple threatened legal action, Karle reportedly returned Rs 7 lakh.

However, the remaining Rs 17.5 lakh was not returned and the promised shares were never transferred to the couple. The alleged fraud came to light when the couple visited Karle’s residence to recover their money and discovered that he was already lodged in jail in connection with other criminal cases.

Police said a detailed investigation has been launched into the matter.