India, Jan. 7 -- A hardware trader in Ralegaon lost Rs. 1.37 crore after falling prey to a cryptocurrency and forex scam promising high returns. Manish Kantilal Bora filed a complaint with the Ralegaon police, leading to a case against a woman and other unidentified individuals.

The complaint states that Bora received a WhatsApp message on November 4. A woman identifying herself as Ankita Agrawal called him, offering large profits through cryptocurrency and forex trading. She sent Bora a link to download an app called "S Fox" and initially encouraged small transactions to build trust.

Bora was then instructed to transfer funds into multiple bank accounts for trading. The app displayed inflated, fake profits, convincing him to invest not...