Bandra Woman Recovers Part of Money Lost in Online Trading Scam

Shabnam Shaikh, a 39-year-old Bandra West resident who lost Rs 23 lakh in an online trading scam, has recovered nearly Rs 12.25 lakh with the help of her bank. Shaikh filed a chargeback form at Axis Bank’s Sion branch, after which the bank froze the fraudsters’ account and managed to recover part of the money.

This newspaper, in its May 26 edition, had shed light on how Shaikh, who resides at Pali Hill and runs an NGO, had invested about Rs 23 lakh in the online trading app of the FXonet website. Shaikh told the police that she came to learn of the platform via X on April 25, and she deemed it trustworthy as it featured photographs of a prominent Bollywood actress and a well-known singer, creating the impression that they endorsed the website.