In a major breakthrough, the police have arrested four individuals involved in a large-scale online fraud that duped a businessman of Rs 4.85 crore under the pretext of lucrative forex trading investments. The accused allegedly lured the victim into investing with promises of high returns through a fake trading software.
According to Deputy Commissioner of Police (DCP) Rajesh Tripathi, the victim—a city-based businessman—was initially approached via a link to download an app that promised substantial returns on forex investments. After transferring an initial Rs 10,000, the businessman saw his balance grow to Rs 40,000 in a matter of minutes, which led him to believe the platform was legitimate.
Encouraged by this rapid growth, he was later contacted by the fraudsters, who assured him that he could earn four times the invested amount. Believing the claim, the businessman transferred a total of Rs 4.85 crore. At one point, his investment seemed to grow to Rs 16 crore, but he soon realized he was unable to withdraw any of the funds. Attempts to contact the fraudsters went unanswered, and the victim recognized he had fallen for an online scam.
The businessman promptly lodged a complaint with the crime branch, which launched an investigation into the matter. So far, three individuals—Aryan, Mohammad Faiz, and Amir—have been arrested in Nagpur and Chhattisgarh. During questioning, the arrested suspects revealed the names of other individuals involved in the scam. Based on this information, a team from the crime branch arrested the fourth suspect, Sohail Khan, in Surat.
Sohail Khan, according to the police, had been responsible for providing bank accounts, opened using forged documents, to receive the illicit funds from victims. The authorities are continuing their investigations to identify any other individuals involved in the scam.
The Crime Branch has issued a public advisory to help people avoid falling prey to similar online frauds. The officials caution against investing in “too good to be true” schemes, urging people to thoroughly check the credibility of share advisory companies before making any investments.
For safe trading, authorities advise paying close attention to the instructions and regulations issued by the Securities and Exchange Board of India (SEBI). Additionally, they emphasize the importance of not sharing trading account credentials with unknown parties and avoiding suspicious links on social media. In case of any fraudulent activity, victims are encouraged to immediately report it to their nearest police station, the NCRP portal (1930), or the Crime Branch cyber helpline.
