Dwarka resident alleges Rs 17.3 lakh loss in forex trading scam

A Dwarka resident says he lost about Rs 17.3 lakh after being drawn into forex trading through a WhatsApp group and a purported online platform.

He was first offered advice on the Indian stock market in January, then encouraged to put money into forex on the promise of higher returns. He initially deposited about $4,500, and the account displayed a profit. A small test withdrawal went through, he said, leading him to invest further.

By February, the platform showed a balance of around $23,000. When he tried to withdraw $5,000, he was told that a bank holiday had delayed the transfer. Soon after, the account showed a loss of about $22,622. He deposited another $4,000 after being told more funds could help recover the loss.

The account later displayed around $34,000, but a requested withdrawal of $10,000 did not arrive. Another trade then showed a loss of about $34,005. The resident said he made further payments after being urged to recover the losses, before the group stopped responding and the website became inaccessible.

He filed a complaint with Dwarka Cyber Police last month.