Bengaluru man loses Rs 92.57 lakh to online forex fraud, was promised 'large gains'

The FIR stated that Mustafa Mukandar was later informed that before withdrawing any returns, he would need to clear several charges.

A 52-year-old resident of Bengaluru reported that he had been deceived of Rs 92.57 lakh through an online foreign exchange trading arrangement that operated under the names ICON Forex and Forex Wealth. The complaint, recorded in an FIR dated in November, stated that the victim, Mustafa Mukandar, had been persuaded to make repeated payments after being promised large gains and later asked to meet a series of fees to gain access to his supposed returns.

According to the FIR, Mukandar was first contacted by a man who introduced himself as Ramalo Jodara. He encouraged Mukandar to sign up on ICON Forex and begin trading through the platform. The complaint noted that the first payment was Rs 88,000 to start an account. As communication continued, Mukandar was urged to make larger investments and eventually transferred Rs 23.21 lakh to the platform.

The FIR stated that Mukandar was later informed that before withdrawing any returns, he would need to clear several charges. These included what the caller described as CCT track charges, penalty amounts and GST. The complainant said he was told these payments were mandatory for releasing the funds shown in his account.

The FIR added that another man, identifying himself as Pankaj, contacted the complainant shortly afterwards. He allegedly told Mukandar that he could assist in getting the invested money back. According to the FIR, Pankaj instructed him to invest again — this time in a service presented as Forex Wealth — and put him in touch with a man named Mahesh. The complaint stated that Mahesh demanded Rs 29.12 lakh as tax and an additional 10 per cent of the profit figure he claimed would be released once these payments were made.

Mukandar said he accepted their assurances and continued transferring money. The FIR recorded that between August and November, he made a series of payments from his bank accounts, adding up to Rs 92.57 lakh. When none of the promised profits, refunds or withdrawals materialised, he concluded that he had been defrauded.

The North CEN Crime Police registered a case and began inquiries into the individuals who had contacted the complainant and the websites linked to the alleged scheme.