Indian Man Lost Rs 6 Million in Fake Forex Trading App

An Indian man was reportedly defrauded of Rs 6 million after investing in a fraudulent forex trading application that displayed unrealised profits ranging from 5% to 20%, prompting him to invest more money.

The victim has filed a complaint with the police, leading to a case being registered. Sources revealed that the accused individuals contacted the complainant via WhatsApp and Telegram, convincing him to invest in dollars.

According to the police, the complainant was approached and befriended by an unknown person online who introduced him to forex trading, claiming it would generate high returns. Subsequently, a woman contacted the complainant through WhatsApp and Telegram, persuading him to buy and sell US dollars through an app, with promises of significant profits. Trusting these assurances, the complainant transferred Rs 6 million in multiple installments via online and bank transactions to the provided account details. The fraudulent app deceitfully showed that his investments had grown to Rs 20 million, including profits.

The police have initiated an investigation and cautioned the public against trusting unknown individuals or social media contacts who promise high returns through online investments.