Indian Man Arrested for Rs 3.5 Million Forex Trading Scam

A 26-year-old Indian man, Muhammed Hajish, was arrested by police on Thursday for allegedly defrauding a resident of Porvorim, Goa, of over Rs 3.5 million by luring him into investing in forex trading.

The cybercrime police station registered an offense based on the complaint from the Porvorim resident. The complainant reported that before August 16, 2024, users of certain Telegram IDs (@Aswathi_1430, @AdmiralmarketGlobalLtdCS, and others) contacted him, enticing him to invest in forex trading with promises of high returns. To withdraw his investment, the victim was instructed to transfer Rs 3.56 million across different transactions to various bank accounts, resulting in financial fraud through "impersonation through computer sources." 

During the investigation, which included technical and financial analysis, the police traced a suspect to Malappuram, Kerala, who had withdrawn a portion of the defrauded amount. A police team was dispatched to Kerala, leading to the arrest of Hajish, who resides in Malappuram in Kerala, for his involvement in the crime.

Further investigation revealed that Hajish's bank account was connected to similar frauds across five different states, involving a total of Rs 11 million. Hajish is currently in police custody, and further inquiries are being conducted.