THANE: A 45-year-old man from Navi Mumbai fell victim to a Forex trading fraud, losing over Rs 1.22 crore, as per the police report on Sunday.
The cyber police acted on a complaint and filed a case against five individuals under cheating and IT Act sections.
The accused, in contact with the victim from Kharghar, convinced him to invest in Forex trading with promises of high returns.Between November 2023 and March 2024, the victim transferred Rs 1.22 crore.
Initially, the victim saw Rs 2.54 crore in his trading account but couldn’t withdraw it.
The fraudsters demanded Rs 48 lakh for taxes and Rs 17.85 lakh for currency conversion, which the victim paid.
Despite the payments, the victim did not receive the invested amount or profits.
Currently, no arrests have been made, and the police are actively investigating the case.
The cyber police acted on a complaint and filed a case against five individuals under cheating and IT Act sections.
The accused, in contact with the victim from Kharghar, convinced him to invest in Forex trading with promises of high returns.Between November 2023 and March 2024, the victim transferred Rs 1.22 crore.
Initially, the victim saw Rs 2.54 crore in his trading account but couldn’t withdraw it.
The fraudsters demanded Rs 48 lakh for taxes and Rs 17.85 lakh for currency conversion, which the victim paid.
Despite the payments, the victim did not receive the invested amount or profits.
Currently, no arrests have been made, and the police are actively investigating the case.