Bengaluru man loses ₹92.5L in online forex trading scam
A 52-year-old Bengaluru resident, Mustafa Mukandar, lost ₹92.57 lakh to a sophisticated online forex trading scam.
Fraudsters approached him using platforms called ICON Forex and Forex Wealth, promising high returns and convincing him to start with an ₹88,000 deposit.
As the scam unfolded, they kept asking for more money under the guise of extra fees and taxes.
How the scam played out & what's happening now
Mukandar made multiple payments between August and November after being told he needed to pay CCT track fees, penalties, GST, and even a hefty "tax" just to withdraw his supposed profits.
When he couldn't get his money back despite paying nearly a crore in total, he realized it was all a fraud.
He filed an FIR on November 10; police are now investigating the accused platforms and tracing transactions to catch those involved.
This case is another reminder: online investment offers that sound too good to be true usually are—so always double-check before sending money anywhere online.