Mumbai: The founder of a watch retail stores chain was duped of ₹8.75 crore in an alleged forex currency trading fraud. The accused claimed to be an executive of a leading financial technology company based in New York and lured the businessman to invest, promising huge profits, said a police officer.
₹8.75 crore in a forex trading fraud” title=”Businessman duped of ₹8.75 crore in a forex trading fraud” />According to the police, a woman approached the 58-year-old businessman, a resident of Matunga, through Facebook on May 18, claiming to be an executive of a leading financial technology company based in New York.
She introduced him to a mobile application of the company for forex currency trade, assuring huge profits. When he expressed interest, she added him to a WhatsApp group where tips for trading were being shared. As he did not have any knowledge on investments, he asked the woman to add his daughter and his accountant to the WhatsApp group, said a police officer.
She also shared a customer care number to contact in case of any problems, which was fake, he added.
The police said that she then sent them a link and asked to open an account to start trading. “They followed her instructions and started investing by transferring money to various bank accounts. Their investments and profits reflected in the application and they believed the woman,” the officer said.
Between May 31 and July 8 this year, the businessman transferred ₹8.75 crores in 14 transactions.
In July, the businessman received a text from an unknown number stating that he was being cheated in the name of forex currency trading.
“The unidentified person demanded 10% of the invested amount as commission to help him get his money back. When he tried to withdraw the profits that reflected on the app, he was asked to pay various charges to unlock his gains. When he contacted the person who alerted him, he told the businessman that he would help him only after receiving the commission. He didn’t get carried away by him and approached the police for help,” the officer added.
The businessman approached the police on Thursday, after which a case was registered against the unidentified individuals under sections 318 (cheating), 319 (cheating by personation), 336 (forgery), 338 (forgery of valuable security, wills, and related documents) and 340 (forgery of electronic records) of the Bharatiya Nyaya Sanhita and relevant sections of the Information Technology Act.