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Man loses Rs 4.4L in forex trading con - Times of India

Ahmedabad: A man from the New Ranip area of the city on Monday filed a police complaint stating that he had lost Rs 4.40 lakh in a forex trading con between December 2020 and January 2021. Ashish Panchal, 47, resident of Gangotri Society in New Ranip, is a production manager for a private company in Lambha. On November 30, 2020, he received a call from an unknown woman, who promised him 25% returns on investment in forex trading through her company ‘Galaxy FX Trade’. The woman told Panchal that her company would accept an investment of $10,000. Panchal told her he could only start with Rs 50,000. She agreed and got him to open an account with them.Panchal first deposited Rs 40,000 with the firm on December 2, 2020, and later invested Rs 1,00,000 in two transactions on December 8 and December 24, 2020. On January 7, 2021, Panchal saw that the balance in his trading account was zero, after which he contacted the company. He was again cajoled by the representatives to invest Rs 3 lakh more, to get Rs 7 lakh from forex trading. He paid Rs 3 lakh more on January 20, but again found zero balance in his account on January 21, 2021. The company representatives then went incommunicado. He filed an application of complaint against the accused on February 2, 2021. Ten months later, cybercrime police registered an FIR. tnn