The western regional cyber police have arrested one more suspect on the allegations of defrauding a former shipping captain of Rs 37 lakh through a fake Forex trading app. The police have managed to trace Rs 27 lakh of the money lost by the victim to the account of the accused identified as Satish Gupta, 26. The police had earlier arrested two others, who similar to Gupta had played their bit to facilitate the fraud.

The victim, a 67-year-old former captain, received a call in September from a person who identified himself as Rahul Sharma. The caller offered lucrative returns by investing in forex through their company. The caller had claimed that the former captain would receive a $300 bonus and potential profits ranging from Rs 50,000 to Rs 2 lakh.