A Bengaluru man was allegedly cheated of Rs 92.57 lakh through an online forex trading scheme run under the names ICON Forex and Forex Wealth, after he was lured with promises of high returns and later pressured into paying a series of charges and additional investments.
According to the FIR filed on November 10, 52-year-old Mustafa Mukandar was first approached by a man identifying himself as Ramalo Jodara, who persuaded him to invest in ICON Forex. Mukandar initially paid Rs 88,000 to open an account and was gradually convinced to invest more, eventually transferring Rs 23.21 lakh.
He was later informed that to withdraw his supposed returns, he would need to clear several charges, including CCT track fees, penalty amounts, and GST.
The FIR states that soon after, another individual named Pankaj contacted the victim, claiming he could help recover the invested money. He allegedly told Mukandar to invest again, this time in Forex Wealth, and connected him with a man named Mahesh. Mahesh allegedly demanded Rs 29.12 lakh as tax and 10% profit to release the investment.
Believing their assurances, the victim made multiple payments between August 20 and November, eventually transferring Rs 92.57 lakh from his bank accounts. When neither profits nor refunds came through, he realised he had been cheated.
The North CEN Crime Police have registered a case and begun investigating the individuals and websites involved in the alleged scam.
