Forex Trading Scam: ₹26.2 Lakh Lost through Fake App and Misleading Promises
Forex Trading Scam Targets Pune Municipal Corporation Employee
A recent investigation revealed that a Pune Municipal Corporation employee lost ₹26.2 lakh due to a sophisticated online forex trading scam.
The Scam Unfolds:
- The victim was lured into investing through a fake mobile application that initially displayed fabricated profits to gain trust and encourage larger investments.
- The scam began with a phone call from a female impersonator presenting a lucrative forex trading opportunity promising high returns.
- The victim, a clerk from Shivajinagar, was convinced to invest after receiving a fake profit of ₹10,556, which was transferred to their bank account.
- This initial payout was used as a psychological tactic to establish credibility and convince them of the platform’s legitimacy.
- Encouraged by the apparent returns, the victim proceeded to transfer a total of ₹26.17 lakh into multiple bank accounts provided by the fraudsters.
- However, when they attempted to withdraw their funds, they were met with excuses such as technical issues and processing delays.
- The accused eventually stopped responding, and their contact numbers were switched off.
The Investigation:
During the investigation, police discovered that the accused operated under the name M/s Truway Consultancy Pvt Ltd, which had previously been involved in similar frauds, including fake job offers and immigration scams targeting individuals seeking employment abroad.
Cybercrime experts note that the case may be part of a larger organized cyber and immigration fraud network operating across multiple states.
Warning from Authorities:
As a result of the scam, the authorities have issued warnings urging the public to exercise caution when dealing with investment opportunities promising unusually high or quick returns.
They advise verifying the authenticity of any investment platform, forex trading scheme, or overseas job offer before transferring money.