Realtor Duped Of ₹75 Lakh In Forex Trading Scam
The scammers helped him to open an account using login credentials, provided by them and convinced him to make an initial investment of ₹22,000: Reports
HYDERABAD: A 50-year-old realtor from Kothapet became victim of a largescale online forex trading scam, and lost ₹75 lakh after being enticed by fraudsters operating through a messaging application. The complaint was filed at the Rachakonda cybercrime police, in which, the victim stated that he was contacted by an unknown person on Telegram app, wherein the latter introduced him to an online forex trading platform.
The scammers helped him to open an account using login credentials, provided by them and convinced him to make an initial investment of ₹22,000. Soon after the investment, the trading application displayed profits, which led to the victim to believe that he was making profits and it was genuine.
Trusting the returns to be real, the victim continued investing larger sums and the accused repeatedly encouraged him to increase the investment and kept assuring him of profits. However, when the victim attempted to withdraw the amount, he was asked to pay additional sums under the pretext of taxes and processing fees.
Despite making multiple payments, the withdrawal was never processed. The fraudsters continued to demand more money which only raised suspicion. It was only after all communication stopped, the victim realised that he was cheated. In total, he had invested ₹74,98,015 and received no returns. Following monetary setbacks, he approached police and sought action against those responsible.
Police have registered an FIR and initiated an investigation to trace the individuals behind the scam.
