Noida man loses ₹48 lakh in forex trading fraud

In his complaint, the victim said that he was initiated into forex trading by a woman he had come into contact with on social media a few months ago

Noida: A 54-year-old man in Noida was allegedly duped of ₹48.60 lakh on the pretext of making a profit through forex trading, police said on Thursday.

The victim realised he had been cheated on May 13 after fraudsters asked him to deposit tax to withdraw profit. (Representational image)

Police said the victim, Sandeep Agarwal, a resident of Sector 45, stated in his complaint that he was initiated into forex trading by a woman he had come into contact with on social media a few months ago. “Initially I was not interested, but she kept insisting, and I opened a trading account. I was asked to deposit the money through some dealers,” the FIR cites him as saying.

Police said the victim was told that he could only invest through a dealer, not directly. “Initially, he made small investments and withdrew profit,” said cybercrime branch SHO Ranjeet Singh, adding but after she won his faith, he went on to invest ₹48.60 lakh.

“The victim realised he had been cheated on May 13 after fraudsters asked him to deposit tax to withdraw profit. He filed a police complaint, and a case of cheating and cheating by personation of the BNS and the IT Act was registered. Further investigation is on,” the SHO added.