Navi Mumbai man loses Rs 1.22 cr in Forex trading fraud

The complainant made payments to the tune of Rs 1.22 crore between November 2023 and March 2024, the official said. However, despite making these payments, the complainant did not receive the money he invested and the profit he earned, he said.

A 45-year-old man from Navi Mumbai was allegedly duped of more than Rs 1.22 crore in a Forex (foreign exchange) trading fraud, police said on Sunday.

Based on a complaint, the cyber police on Friday registered a case under section 420 (cheating) and other relevant provisions of the Indian Penal Code and Information Technology Act against five persons, senior inspector Gajanan Kadam said.

The accused allegedly contacted the victim, a resident of Kharghar, and lured him to invest in Forex trading, promising him lucrative returns, he said. The complainant made payments to the tune of Rs 1.22 crore between November 2023 and March 2024, the official said. In January, the complainant found that he had Rs 2.54 crore, including profits, in his Forex trading account, but he was unable to withdraw the sum, he said.

The accused asked him to pay Rs 48 lakh towards taxes and Rs 17.85 lakh as currency conversion charges which he did, the official said. However, despite making these payments, the complainant did not receive the money he invested and the profit he earned, he said. No arrests have been made in the case and the police are probing the matter, the official said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)