India, Nov. 16 -- A Bengaluru man has reportedly lost Rs.92.57 lakh in an online forex trading scam. The victim was enticed with promises of high returns and later coerced into paying additional charges and investments.

The 52-year-old, identified as Mustafa Mukandar, was approached by a man calling himself Ramalo Jodara, who persuaded Mukandar to invest in an online platform named ICON Forex. The victim initially paid Rs.88,000 to open an account and was gradually convinced to transfer more money, eventually investing Rs.23.21 lakh, as per a report by NDTV.

Mukandar was later told that he needed to pay several fees, including CCT track charges, penalties and GST, to withdraw the returns he was promised.

According to the FIR filed on 1...