A hardware businessman from Ralegaon in Maharashtra's Yavatmal district has been defrauded of a staggering ₹1.37 crore in a sophisticated online investment scam involving cryptocurrency and foreign exchange (forex) trading. The victim, identified as Manish Kantilal Bora, was lured with promises of exceptionally high returns before the fraudsters vanished with his life savings and borrowed funds.
The Modus Operandi: A Web of Deceit
The incident began on November 4, when Bora received an unsolicited WhatsApp message. Shortly after, a woman who introduced herself as Ankita Agrawal contacted him over the phone. She skillfully built his confidence by assuring him of substantial profits through investments in cryptocurrency and forex markets.
To initiate the process, Agrawal sent him a link via WhatsApp and instructed him to download a mobile application named "S Fox". The scam began with small, seemingly successful transactions designed to gain Bora's complete trust. Encouraged by these initial gains, he was then directed to deposit increasingly larger sums of money into various bank accounts for trading purposes.
The Trap Springs: Fake Profits and Vanishing Funds
The "S Fox" application displayed a dashboard showing artificially inflated and completely fake profits on his investments. Seeing his portfolio value skyrocket on the app's interface, Bora was convinced of the scheme's legitimacy. This false success led him to invest not only his business capital but also money he borrowed from banks.
His total investment swelled to ₹1.37 crore. The scam unraveled when he eventually tried to withdraw his principal amount online. The accused, who had been communicative until then, began avoiding his requests. They first cited technical glitches and then outright refused to release any funds, cutting off contact.
Legal Repercussions and Police Action
Realizing he had fallen victim to a well-planned cyber fraud, Manish Kantilal Bora approached the Ralegaon police station and filed a formal complaint. Based on his detailed account, the police have registered a case against the woman, Ankita Agrawal, and other unidentified accused.
This case highlights the growing threat of online investment scams that use the allure of cryptocurrencies and forex trading to trap victims. Authorities advise the public to exercise extreme caution with unsolicited investment offers, especially those promising guaranteed high returns, and to only use platforms registered with official financial regulators.
