On Wednesday, Sriganganagar police arrested eight individuals, including the main accused Satpal, in connection with a large-scale cyber fraud scheme. The gang is believed to have defrauded over 5,000 people of more than Rs 21 crore by running a fake cryptocurrency and forex trading operation. The scam, which had been active for more than a year and a half, promised high returns to investors via fake online trading platforms and multi-level marketing tactics.
Police revealed that the fraudsters convinced individuals to invest a minimum of 300 US dollars, claiming guaranteed profits from cryptocurrency and forex trading. The victims were sent fraudulent web links to set up accounts and engage in transactions. Satpal, the mastermind behind the scam, led a team responsible for managing online activities and communication.
Sriganganagar SP Gaurav Yadav explained that the gang was operating using a specially designed web domain. “Victims were led to transfer funds into multiple bank accounts, believing they were participating in profitable trades. However, the accused gained control over their accounts without consent, preventing the victims from withdrawing their money,” Yadav explained.
To build trust and draw in more victims, the gang organized promotional events showcasing individuals who appeared to have made substantial profits. Police believe these testimonials were staged to add credibility to the scam and encourage further investments.
The fraud was uncovered after a complaint was filed at the Sadar police station in Sriganganagar, which led to the police intercepting a Tata Safari SUV. They detained Satpal along with his associates, bringing the operation to light.
