The police have urged the public to beware of scammers posing as forex traders on social media.
The number of scammers using fake IDs on social media and claiming to be "forex experts" is on the rise, the police said.
The perpetrators steal and use photos of real individuals to carry out the scams. According to the police, the scams have been mainly uncovered on Facebook and Instagram.
Using names such as "Huda Heefam," scammers have been stealing large sums of money as investments from unsuspecting victims.
Scammers have been defrauding people with the promise of huge returns on investment, the police said.
The scammers present themselves as talented and experienced forex traders and assure that they can manage investments and guarantee substantial profits, the police said.
Fake screenshots and bank slips are used to gain trust, after which they ask to deposit funds into their accounts. Several victims have lost money to such scams, the police revealed.
