Archive · 16 Nov 2025
Bengaluru Man Loses Over 92 Lakh in Forex Trading Scam
Imagine someone told you that if you give them your money for a special game, you'll get way more money back really fast.
A man in Bengaluru gave his money, totaling almost a crore of rupees, to people who promised him big earnings from online trading.
First, they told him he needed to pay extra fees to get his money out, and then they asked for more money as taxes.
But after he paid everything, he didn't get any money back and realized he had been tricked.
Now, the police are trying to find the people who did this.
A Bengaluru man, Mustafa Mukandar, lost Rs 92.57 lakh in a fraudulent online forex trading scheme.
He was initially lured by promises of high returns from ICON Forex and later Forex Wealth.
Victim was pressured to pay various charges, including CCT track fees, penalties, and taxes, to withdraw supposed profits.
Scammers used names like Ramalo Jodara, Pankaj, and Mahesh to solicit more investments.
North CEN Crime Police have registered a case and are investigating the alleged scam.
- Who
- Mustafa Mukandar, a 52-year-old Bengaluru man, and individuals posing as Ramalo Jodara, Pankaj, and Mahesh.
- What
- Allegedly defrauded of Rs 92.57 lakh in a forex trading scam.
- When
- FIR filed on November 10; transfers made between August 20 and November.
- Where
- Bengaluru.
- Why
- Victim was lured by promises of high returns and pressured into making further payments for various alleged charges and taxes.
- Victim's Name
- Mustafa Mukandar
- Total Amount Lost
- Rs 92.57 lakh
- Investment Schemes Involved
- ICON Forex, Forex Wealth
- Scam Method
- Promises of high returns, followed by demands for fees and additional investments.
- Police Case Registered
- Yes, by North CEN Crime Police