Mangaluru: Man duped Rs 1.12 crore in online forex trading scam

Team Udayavani, Oct 16, 2024, 8:33 PM IST

Mangaluru: A city resident was allegedly defrauded of Rs 1.12 crore in a sophisticated online forex trading scam, after being lured into making multiple investments in a fake trading app.

According to the complaint, the incident began on June 28, 2024, when the victim received a friend request on the Happn dating app from a person named Leena Jose. After accepting the request, they started chatting via Telegram, where the scammer convinced the victim to invest in ‘Admiral Market Forex Trading’ using a fake app called ‘Wavegptexa.’

The victim initially downloaded the app and made a small investment of Rs 50,000 on July 3, 2024, through NEFT to the Bank of Maharashtra. Over the following weeks, from July 3 to July 23, he was persuaded to transfer an additional Rs 10 lakh to various bank accounts provided by the scammer, under the promise of high returns.

The fraudulent app showed a profit of Rs 80 lakh in his account, but when the victim attempted to withdraw the money, he was told to pay 30% tax on the profit, amounting to Rs 19.26 lakh. Believing the scam, the victim made further payments to multiple bank accounts.

The scam continued with more demands for additional fees under the guise of bank transaction charges and other costs. In total, the victim transferred Rs 7.36 lakh and Rs 26.84 lakh in subsequent transactions. When he tried to withdraw the Rs 50 lakh displayed in his account, he was informed that the amount was on hold by the “Risk Control Department” and was required to make a 50% deposit.

As the demands for money continued, the victim realized that he had fallen prey to a scam and contacted his friends, who confirmed his suspicions. By September 23, 2024, he had transferred a total of Rs 1.12 crore to various bank accounts.

The victim has filed a police complaint, requesting immediate legal action against the fraudsters.

CEN police have registered a case in this regard.