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Tamil Nadu

Tamil Nadu man loses Rs 60 lakh in forex trading scam, probe on

According to the police, the complainant was befriended by an unknown person, who introduced him to forex trading, via online.

Express News Service

TIRUNELVELI: The Tirunelveli district cybercrime police registered a case against the cybercriminals, who allegedly cheated a man of `60 lakh by making him invest in a fake forex trading application here on Wednesday. Sources said the accused persons contacted the complainant via WhatsApp and Telegram, persuading him to invest in dollars. The fake forex trading app displayed unrealised profits ranging from 5% to 20%, prompting the complainant to invest more money.

According to the police, the complainant was befriended by an unknown person, who introduced him to forex trading, via online. The person claimed that investing in the forex market would generate high returns. Following this, a woman contacted the complainant via WhatsApp and Telegram.

She lured him into buying and selling US dollars through an App, claiming it would yield significant profits. Believing the assurances, the complainant transferred money in multiple installments via online and bank transactions to the account details shared by her. In total, he sent Rs 60 lakh. The fraudulent App falsely showed that his investments had grown to Rs 2 crore, including the profits, police said.

However, when the complainant attempted to withdraw the amount, he was unable to do so. Upon contacting the scammers, they demanded additional payments as taxes. By the time he realised that he had been duped, the scammers blocked him and deactivated their WhatsApp and Telegram accounts. Subsequently, the victim lodged a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in), leading to a case being registered by the cybercrime police.

Meanwhile, the police have begun investigation and cautioned the public against trusting unknown persons or social media connections who promise high returns through online investments.

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