Fraudulent Forex Trading Agent Defrauds Retired Banker of Rs 6.5 Million, Gets Arrested

Indian Kozhikode Cyber Crime Police have arrested a man accused of acting as an agent for online trading scammers, allegedly extorting Rs 6.522 million from a retired bank manager in the city.

Police officials say the suspect lured the victim into Forex trading with promises of substantial profits after initiating contact online. Of the total amount extorted, Rs 1.24 million was reportedly received directly.

Investigations revealed that the suspect operated as a dealer for scammers based in other states and distant locations, facilitating financial transactions between victims and fraudsters.

The arrest was made following a raid at the suspect’s residence, where police seized Rs 1.25 million in cash. He has been remanded to judicial custody.

The investigation tracked the suspect’s phone calls and emails, and authorities are now probing the suspect’s ties to previously arrested scam networks and individuals providing financial assistance or bank accounts for such illicit operations.