Mumbai man loses ₹8.75cr in forex trading scam
A 58-year-old Mumbai businessman lost ₹8.75 crore after getting pulled into a forex trading scam.
It started when someone claiming to be a New York fintech exec messaged him on Facebook in May 2023, promising big returns through a trading app and adding him to a WhatsApp group for "tips."
Fraudster shared fake customer care number
The fraudster shared a fake customer care number and walked him through setting up an account.
Trusting the process, he transferred money 14 times between May 31 and July 8, seeing fake profits on the app's dashboard.
Things unraveled when someone else warned him about the scam—then demanded a cut to help recover his money.
He reported it to police, who've now launched an investigation under cheating and forgery laws as part of wider crackdowns on illegal forex scams using shady apps and shell companies.