A Thane resident was swindled out of Rs 93.30 lakh in a sophisticated forex trading scam, highlighting the risks of unregulated investment schemes.
Key Points
- Thane resident loses Rs 93.30 lakh in a forex trading scheme.
- Accused manipulated a trading app to show fake earnings.
- Victim was unable to withdraw his principal investment or virtual profits.
- Police have booked the accused for cheating and forgery.
A Thane resident lost Rs 93.30 lakh after he was lured into investing in a forex trading scheme by two persons, both of whom have been booked, a police official said on Saturday.
Forex Trading App Manipulation
The accused, identified as Ananya Agarwal and Mukul Agarwal, allegedly manipulated a digital trading app to show fake earnings to the victim between January and May this year, the Chitalsar police station official said.
"The duo provided the victim with a specialized trading application to track his portfolio. Aside from displaying his actual deposits, the application showed artificial, inflated earnings to the tune of Rs 3 crore," he said.
Inability to Withdraw Funds
However, the man realised he had been duped when he was unable to withdraw his principal investment and the accumulated virtual profits as the app was blocking such transactions, the official said.
Legal Action and Investigation
Ananya Agarwal and Mukul Agarwal were booked under Bharatiya Nyaya Sanhita for cheating, forgery and other offences but are yet to be arrested, he said.
