A 51-year-old Thane resident has allegedly lost ₹1.98 crore in an online trading fraud involving a Gujarat-based man.
How Did the Alleged Trading Fraud Begin?
The complainant, a resident of Thane in Maharashtra, alleged that Rupal Dineshbhai Kanjara, 37, from Navsari in Gujarat, approached him while presenting himself as a sub-broker offering investment opportunities.
According to the police complaint, Kanjara persuaded the man to invest through trading accounts by promising attractive returns. Investigators suspect that the alleged fraudulent activities continued for nearly three years, between September 1, 2023, and April 26, 2026.
During this period, the accused allegedly developed a relationship of trust with the complainant and his family, allowing him to obtain access to sensitive banking information under the pretext of facilitating investments.
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How Were the Banking Transactions Carried Out?
Investigators said Kanjara allegedly convinced the complainant, his wife and another relative to share one-time passwords (OTPs), claiming that the information was necessary to process investment-related transactions.
However, according to the complaint, money was subsequently transferred or withdrawn without the promised purchases of shares or fixed deposits being completed.
The complainant alleged that these transactions resulted in a cumulative financial loss of ₹1.98 crore. Police are examining the financial transactions to establish how the money was moved and the circumstances surrounding the alleged unauthorised withdrawals. The available information does not establish the number of transactions involved or identify the accounts to which the funds were transferred.
What Action Have Police Taken?
Following the complaint, Kasarvadavli police registered a case against Kanjara on Sunday. Investigators are examining the allegations, including the accused’s reported investment promises, his interactions with the complainant’s family and the banking transactions associated with the disputed amount.
No arrests had been made at the time of reporting. Police had also not disclosed whether any portion of the allegedly defrauded money had been recovered. The allegations remain under investigation, and the accused’s guilt has not been established.
What Does the Case Reveal About Investment Fraud?
The complaint illustrates how alleged investment fraud can involve repeated financial transactions over an extended period rather than a single payment.
In this case, the accused allegedly used promises of investment returns to gain the family’s confidence before obtaining OTPs and facilitating transactions that the complainant later disputed.
One-time passwords are intended to authenticate financial transactions. Sharing them with individuals claiming to manage investments can expose account holders to unauthorised transfers.
The420 Insight: The case highlights the risks of allowing investment intermediaries access to banking credentials. The investigation will determine whether the alleged transactions were fraudulent and establish responsibility for the reported ₹1.98 crore loss.
