Maharashtra Man Arrested in Rs 2.45 Crore Stock Market Scam

A Maharashtra resident, identified as Sanjay M Chavan, has been apprehended for allegedly defrauding a Goa individual out of Rs 2.45 crore. According to police sources, Mr. Chavan deceived the victim by promising lucrative returns in the stock market.

The incident unfolded as Chavan posed as an expert stock broker and persuaded the victim, a resident of Salcete, to invest through a WhatsApp group. The fraudulent investments culminated in a substantial financial transfer to Chavan's account.

Authorities arrested Chavan on July 6 after tracing the financial transactions, with Rs 13.5 lakh found in his account. An ongoing investigation is probing potential involvement of others in this deception, guided by the Bharatiya Nyaya Sanhita and the Information Technology Act.

(With inputs from agencies.)