Ahmedabad Businessman Defrauded of Rs 24.4 Lakh in Sophisticated Forex Investment Scam
A 62-year-old businessman from Ahmedabad's Shahpur area has filed a formal complaint with the Cybercrime police, alleging he was cheated of a staggering Rs 24.4 lakh by an unidentified woman who lured him into a fraudulent forex investment scheme through social media platforms.
How the Elaborate Scam Unfolded
According to the detailed complaint, the victim, who works as an event management professional, first came into contact with the accused through Facebook in August 2025. The woman initiated conversation and subsequently shifted communication to WhatsApp, where she built rapport with the businessman over time.
During their interactions, the woman convincingly promoted forex trading as a lucrative investment opportunity, promising exceptionally high returns. She provided a link to a professional-looking website and guided the victim through the registration process, which required creating a username and password.
The Deceptive Investment Platform
After completing registration, the victim was directed to interact with what appeared to be a legitimate customer care service on the platform for investment-related instructions. The scammer then provided multiple bank accounts and instructed the businessman to transfer funds.
"After each transaction, the victim shared screenshots of the payments, following which the equivalent amount would appear credited in dollars on the website's interface," police officials explained, detailing how the scam maintained an illusion of legitimacy.
Building False Confidence
The scheme followed a classic pattern of initially allowing small withdrawals to build victim confidence. The businessman first invested Rs 44,500 and was permitted to withdraw a modest amount, which successfully convinced him of the platform's authenticity.
Encouraged by this apparent success, he was then persuaded to invest increasingly larger sums with promises of proportionally higher profits. The scam escalated further when the accused asked him to create an account on a cryptocurrency platform to facilitate additional transactions.
The Financial Toll and Eventual Realization
Between August 29 and November 15, 2025, the victim transferred a total of Rs 24.4 lakh across multiple transactions. However, when he attempted to withdraw his accumulated funds, he was asked to pay additional charges and fees.
The situation reached its breaking point when the accused suddenly became unresponsive and incommunicado. Realizing he had been defrauded, the businessman first approached the Cybercrime helpline for guidance before filing a formal police complaint on Thursday.
Growing Concern Over Digital Financial Fraud
This case highlights the sophisticated methods employed by cybercriminals targeting individuals through social media platforms. Police authorities have noted an increasing trend of investment scams using fake forex and cryptocurrency platforms that appear legitimate to unsuspecting victims.
Cybercrime officials are investigating the multiple bank accounts used in the transactions and examining the digital trail left by the accused. They have advised the public to exercise extreme caution when approached with unsolicited investment opportunities through social media or messaging platforms.
