Bengaluru man cheated of ₹92.57 lakh in forex scam after being lured with promises of high returns

The victim initially paid ₹88,000 to open an account and was gradually convinced to transfer more money, eventually investing ₹23.21 lakh.

Updated on: Nov 16, 2025, 15:40:32 IST

By HT News Desk

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A Bengaluru man has reportedly lost ₹92.57 lakh in an online forex trading scam. The victim was enticed with promises of high returns and later coerced into paying additional charges and investments.

The North CEN Crime Police have registered a case. ( Representational image\ Unsplash)

The 52-year-old, identified as Mustafa Mukandar, was approached by a man calling himself Ramalo Jodara, who persuaded Mukandar to invest in an online platform named ICON Forex. The victim initially paid ₹88,000 to open an account and was gradually convinced to transfer more money, eventually investing ₹23.21 lakh, as per a report by NDTV.

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Mukandar was later told that he needed to pay several fees, including CCT track charges, penalties and GST, to withdraw the returns he was promised.

According to the FIR filed on 10 November, another individual named Pankaj then contacted Mukandar, claiming he could help recover the invested money. Pankaj introduced Mukandar to a man named Mahesh, who allegedly demanded ₹29.12 lakh as tax along with 10% of the profit to release the investment.

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Trusting these assurances, Mukandar made multiple payments between 20 August and November, ultimately transferring ₹92.57 lakh from his bank accounts. When no profits or refunds materialised, he realised he had been cheated.

The North CEN Crime Police have registered a case and are investigating the people and websites involved in the alleged scam.

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