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Ahmedabad man loses ₹30 lakh in US dollar investment fraud

Updated: Apr 2nd, 2024

Ahmedabad dollar trading scam

In another case of cyber fraud emerging from Ahmedabad, a manager in a well-known firm fell victim to a scam, losing a staggering ₹30 lakh.

As per the complaint, Sandeep Fadia, a resident of Vejalpur’s Venus Park Land Society, was approached via WhatsApp by an individual posing to be Priya Agrawal through an unknown number.

Priya allured Sandeep with promises of substantial returns through trading in US dollars.

Initially investing ₹1 lakh, Sandeep opened an ID and received texts indicating profits of ₹70,000 on his investment, which bolstered his confidence in the scheme.

Encouraged by the apparent success, he went on to invest a total of ₹30 lakh in multiple transactions.

Observing significant gains reflected online, Sandeep requested the person posing as Priya Agrawal to transfer the accrued profits to his account.

However, instead of facilitating the transfer, the perpetrator demanded an additional ₹18.60 lakh as taxes to release the profits.

This demand raised suspicions for Sandeep, prompting him to conduct inquiries, which unravelled this massive fraud.

Following this, Sandeep promptly filed a complaint with the Cyber Crime Cell, and an investigation has been launched into the matter.

Also read:

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MICA president duped of ₹1.15 cr in cyber fraud