Dwarka Resident Duped of Rs 17.3 Lakh in Online Forex Trading Scam

A resident of Dwarka has approached the police after allegedly being cheated of Rs 17.3 lakh by cyber scammers who lured him into investing in the foreign exchange market through a fraudulent trading platform.

The complainant first came into contact with the fraudsters over WhatsApp in January. He was initially offered investment guidance and tips for the Indian stock market. However, the suspects gradually persuaded him to switch to forex trading by promising significantly higher profit margins.

Following their directions, the victim registered on a purported trading website and deposited approximately $4,500 to begin trading. The platform soon displayed profits, and the victim successfully completed a small test withdrawal, which led him to trust the operation and invest more funds.

Additional members of the fraud network then contacted him, offering further trading tips in exchange for a share of his profits. By February, his portfolio on the platform showed an accumulated balance of around $23,000.

When the victim attempted to withdraw $5,000, the funds were not credited to his bank account. The suspects claimed that the transaction had been delayed due to a bank holiday. Days later, a trade caused a sudden loss of approximately $22,622, completely wiping out the deposited funds and profits displayed on the dashboard.

The scammers then convinced the complainant to deposit another $4,000 to recover his lost funds. After this deposit, the account balance rose to show around $34,000. When the victim attempted to withdraw $10,000, he was told the payout would be processed the following day. Shortly after, another trade triggered a loss of $34,005, wiping out the balance once again.

Realising he had been defrauded of a total of Rs 17.3 lakh, the victim filed a complaint with the police.