Navi Mumbai man duped of Rs 74.6 lakh in share trading fraud
Thane (PTI): A 59-year-old man from Navi Mumbai has allegedly been cheated of Rs 74.67 lakh after being lured into investing in share trading with a promise of high returns, police said on Thursday.
The accused had contacted the victim, a resident of Panvel, and persuaded him to invest in share trading. Initially, small profits were credited to his account to gain his confidence.
Subsequently, the accused persuaded him to invest larger amounts by displaying inflated returns on a fake trading interface and directing him to transfer money to fraudulent bank accounts.
The victim deposited the money into the accounts between November 28, 2025, and January 1 this year, an official from the cyber police station said.
However, the victim neither received any profit nor was he able to recover his invested amount, he said.
Based on his complaint, the cyber police on Tuesday registered a case against five persons under relevant provisions of the Information Technology Act and the Bharatiya Nyaya Sanhita for cheating and online fraud, the official said.
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Dr. Thumbay Moideen featured in Entrepreneur Middle East 100 NRI’s of the year
Dubai: Dr. Thumbay Moideen, Founder of Thumbay Group has been featured in this year's “The 100 NRIs by Entrepreneur Middle East.”
The annual feature recognises 100 prominent Non-Resident Indian entrepreneurs from diverse fields. Other notable names on the list include Zakariya Jokatte, Ashish Koshy, Deepak Babani, Pankaj Kundr, Faizal E. Kottikollon, Dr. Vivek Oberoi, and Prashant Goenka.
Dr. Thumbay Moideen, son of the late community leader B. Ahmed Haji Mohiudeen, is a prominent alumnus of St. Aloysius College, Mangaluru. He has earned widespread recognition in the UAE and beyond for his contributions to higher education and healthcare. He is also a recipient of the Karnataka State Rajyotsava Award 2025.
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In 1997, Dr. Moideen founded the Thumbay Group, a diversified international conglomerate that has expanded into health education, healthcare services, and medical research. In 1998, he became the first Indian invited by the rulers of Ajman to establish a medical college in the UAE, which has now grown into a university with its own network of hospitals, clinics, medical centers, and pharmacies across the country.
Dr. Moideen’s achievements have been recognised in respected publications, including Forbes Middle East and Arabian Business. He has also received an Honorary Fellowship from the International Medical Sciences Academy (IMSA) and an honorary doctorate from Amity University.
Today, Thumbay Group institutions cater to students and healthcare professionals from over 100 nationalities, contributing to workforce development and research-driven healthcare practices. Dr. Moideen is widely regarded as one of the most influential Non-Resident Indians in the Gulf, a respected voice from the Beary community, and a leading Muslim entrepreneur and educationist.
Over the past decades, he has steered Thumbay Group’s expansion into a multi-sector organisation focusing on academic medicine, research-led healthcare, and global education. His initiatives have created opportunities for thousands of healthcare professionals and students while strengthening healthcare delivery systems and academic collaboration across regions.
