A 52-year-old Bengaluru resident has become the latest victim of an elaborate online forex trading scam, losing a staggering ₹92.57 lakh over three months to fraudsters operating under the names ICON Forex and Forex Wealth.
The Initial Trap: Promises of High Returns
The victim, identified as Mustafa Mukandar, was initially approached by a man calling himself Ramalo Jodara who presented enticing opportunities for high returns through forex trading. The scheme appeared legitimate enough to convince Mukandar to open an account with ICON Forex by paying an initial amount of ₹88,000.
Attracted by the promised returns and assurances from the fraudsters, Mukandar gradually increased his investments. Between August 20 and November, he transferred approximately ₹23.21 lakh to the ICON Forex account, believing he was building substantial profits through legitimate trading activities.
Deepening the Fraud: Multiple Transfers and False Charges
When Mukandar attempted to withdraw his invested amount and supposed returns, the scammers introduced various fabricated charges that prevented him from accessing his funds. He was confronted with demands for CCT track fees, penalty amounts, and GST payments – all designed to extract more money while delaying any actual withdrawals.
At this point, another individual entered the scene identifying himself as Pankaj, who claimed he could help recover the invested money. Pankaj introduced a third person named Mahesh to Mukandar, who then demanded 10% of the profits to release the investment.
The Final Blow: Tax Payment Demands
As the deception deepened, the fraudsters convinced Mukandar to invest in another platform called Forex Wealth, claiming this would help recover his previous investments. The scammers then persuaded him to make a tax payment of ₹29.12 lakh on the supposedly profitable amount.
Throughout this three-month period, Mukandar made multiple transfers totaling ₹92.57 lakh from his bank accounts to various accounts controlled by the fraudsters. The realization that he had been cheated came only when neither profits nor refunds materialized despite his repeated payments.
Police Action and Investigation
Mustafa Mukandar ultimately reported the matter to the police, leading to the filing of a First Information Report (FIR) on November 10 by the North CEN Crime Police. The FIR documents the complete timeline of events and the substantial financial losses suffered by the victim.
Police investigations are currently focused on tracing the websites and individuals involved in the alleged scam. Authorities are examining the digital trail and financial transactions to identify the perpetrators behind ICON Forex and Forex Wealth.
In an unrelated but similar incident reported from Bengaluru, another resident lost ₹42.62 lakh through a fraudulent crypto-trading platform, highlighting the growing threat of online investment scams in the city.
