India, Aug. 4 -- The founder of a watch retail stores chain was duped of Rs.8.75 crore in an alleged forex currency trading fraud. The accused claimed to be an executive of a leading financial technology company based in New York and lured the businessman to invest, promising huge profits, said a police officer.

According to the police, a woman approached the 58-year-old businessman, a resident of Matunga, through Facebook on May 18, claiming to be an executive of a leading financial technology company based in New York.

She introduced him to a mobile application of the company for forex currency trade, assuring huge profits. When he expressed interest, she added him to a WhatsApp group where tips for trading were being shared. As he di...