Bengaluru: A retired man from Indiranagar has lost more than Rs 2.2 crore after falling victim to a fraudulent investment scheme promoted on Facebook. The 64-year-old, who came across the post in January, was lured by promises of high returns from a trading platform called FXROAD.

How the scam unfolded

The post on Facebook claimed that an initial investment of Rs 21,000 could earn monthly returns of Rs 80,000 to Rs 1.2 lakh. According to the complaint filed with East CEN Crime police, the retiree clicked the link and was redirected to a WhatsApp group with several members.

The fraudsters assured him that they would guide him in trading and sent a link to register on the FXROAD platform. The complainant provided personal documents, including his driving licence, and made the initial payment of Rs 21,000 to a bank account specified by the scammers.

Investments in US companies

The fraudsters instructed him to invest in shares of Tesla, Microsoft, and Meta, which were supposedly allotted to his account on January 30 via the email ID info@fxroad.com.

The shares were valued at $10,000 (around Rs 9.3 lakh), which he transferred through RTGS.

The scammers showed him regular profits but did not allow withdrawals, claiming his margin level was too low. He was urged to make additional investments to increase his account balance, which he did between January 18 and June 6, transferring money to multiple accounts.

Total loss and realization of fraud

In total, the retiree invested over Rs 2.2 crore, including his retirement benefits and proceeds from property sales. Despite continuing investments, he was unable to withdraw his funds and eventually realized the scheme was a fraud. All communication from the scammers came from different international numbers.

Police advisory

A senior police officer stated that the complainant provided details of the phone numbers and bank accounts used by the fraudsters. Authorities cautioned the public: “We advise people not to believe posts or advertisements on social media and invest money. If someone wants to make an investment, they should visit the trading office and invest only after getting proper guidance.”