Indian Businessman Defrauded of Rs 15.3 Million in Online Forex Trading Scam

A 57-year-old businessman in India has fallen victim to cybercriminals who defrauded him of Rs 15.3 million by luring him with promises of substantial profits from foreign currency (forex) trading. The incident began on June 15, 2023, when the victim received a call from a scammer claiming he could achieve large gains by investing in a forex platform.

Following this contact, other fraudulent individuals provided further details, and the victim was sent a link to an application named "liveforex.uk." After registering on the app, he was instructed to deposit funds by transferring money to various bank accounts. Between June 15 and September 7, 2023, the businessman transferred Rs 15.5 million to 9 different accounts as directed by the scammers. Despite the substantial investments, he was only permitted to withdraw Rs 176,000, including his notional profits from trading on the platform.

Upon realizing the fraud, the victim filed a complaint with the Cybercrime police station, leading to the registration of a formal First Information Report (FIR) on Friday.

BrokersView strongly advises traders to steer clear of online forex trading schemes that promise lucrative returns, particularly those involving unverified apps or websites. Such investments are fraudulent and can cause significant financial losses to investors.