Thane man loses Rs 11.69 lakh in forex trading fraud; police launch probe

Thane, Dec 2 (PTI) Police have registered a case against 16 persons for allegedly cheating a man of Rs 11.69 lakh in a forex trading racket in Maharashtra's Thane district, officials said on Tuesday.

The accused lured the 24-year-old victim, a resident of Ulhasnagar, into forex trading by promising high?? returns.

Based on their instructions, he transferred Rs 11,69,165 to multiple bank accounts between October 14 and November 22. But when he asked for his returns and his invested amount, the accused stopped responding, an official from Ulhasnagar police station said.

Based on the victim's complaint, the police registered a case on November 30 against 16 persons, including a woman and a person posing as a customer care executive, on charges of cheating under the Bharatiya Nyaya Sanhita and the Information Technology Act, he added. PTI COR GK