A 51-year-old private employee residing in KPHB Colony, Hyderabad, has fallen prey to an elaborate online forex trading scam, losing a staggering sum of over Rs 1.08 crore. The victim lodged a complaint with the Cyberabad cybercrime police, who subsequently registered a case on Thursday.
How the Scam Unfolded
The victim, a resident of KPHB IX Phase, stated in his complaint that on March 9, he received a message on the Telegram app from an individual claiming to be named Ronald Browne. The fraudster purported to be associated with a London-based stock trading company and offered expert guidance in forex trading. The complainant was persuaded to open trading accounts on two websites: 'm.roewatson.com' and 'm.ftmohub.cc'. He was promised earnings of over $1,000 per day if he invested money.
“I was later contacted by two women, Nisha and Harini, who guided me about trades and repeatedly urged me to invest larger sums for higher returns,” the victim recounted in his complaint.
Modus Operandi
According to police, the victim was instructed to deposit Indian currency into bank accounts shared via Telegram, with assurances that the money would be converted into US dollars for trading. Acting on the instructions of Nisha and Harini, between March 9 and April 20, the victim transferred over Rs 1.08 crore in multiple transactions.
However, when he attempted to withdraw his funds, the fraudsters demanded advance tax and conversion charges. Suspecting foul play, the victim verified the authenticity of the trading platforms and discovered that they were fraudulent.
Legal Action
Based on his complaint, the Cyberabad cybercrime police registered a case under several sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. The charges include Sections 318(4) (cheating), 319(2) (cheating by personation), 336(3) (forgery for purpose of cheating), 338 (forgery of valuable security, will, etc.), 340(2) (using as genuine a forged document or electronic record), read with Section 3(5) (common intention) of the BNS, and Section 66-D of the IT Act.
The police are investigating the matter and have urged citizens to exercise caution while dealing with unknown individuals promising high returns on investments.
