Panaji, Jul 7 (PTI) A Maharashtra resident has been arrested for allegedly defrauding a Goa local out of Rs 2.45 crore by promising lucrative returns on stock market investments, a police official reported on Monday. The cyber crime police station has identified the suspect as Sanjay M Chavan, aged 45.
"Chavan pretended to be a stock broker and enticed a resident of Salcete to participate in a WhatsApp group and invest Rs 2.45 crore over time, assuring significant returns," stated the official. The financial investigation led to Chavan's arrest on July 6, with Rs 13.5 lakh found in his bank account.
A case has been filed under the Bharatiya Nyaya Sanhita and the Information Technology Act. Authorities are actively investigating to determine if additional individuals are implicated in this scheme.
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