Forex scam with Pakistan link exposed after Ahmedabad man loses Rs 19 lakh
Ahmedabad Cyber Crime Police have arrested a Bihar man in a Rs 19 lakh investment fraud linked to the forex and cryptocurrency platform Winprofx. Police say the platform has a global user base of nearly 193,000 across 100 countries and are probing its alleged Pakistan connection, overseas money trail and the possibility of more victims.
Ahmedabad Cyber Crime Police have arrested a 26-year-old man from Bihar in an alleged investment fraud case in which an Ahmedabad resident lost Rs 19 lakh through a forex trading platform. Investigators said the platform, identified as 'winprofx', is allegedly linked to a Pakistani citizen.
Police said the case came to light after the complainant reported that he had been drawn to the platform through forex trading videos on social media, promised high returns and encouraged to invest in cryptocurrency and US dollar-based trades. Though the platform showed large profits on its dashboard, he was unable to withdraw any money, after which he approached the Ahmedabad Cyber Crime Police Station.
According to the police, the complainant opened an account on the international forex trading website and made several transactions, investing a total of Rs 19 lakh. When his request to withdraw funds did not go through despite the profits shown online, he suspected he had been cheated and filed a complaint.
After carrying out a technical probe and examining bank account transactions, police said they traced the operation to Bihar and arrested Kumar Mangalam, 26, whom they have described as the main accused in the case.
Investigators alleged that the accused made professional-looking forex trading videos to draw in potential investors and persuade them to use the 'winprofx' platform. Police said that once users developed confidence in the platform, they were allegedly pushed to put in larger sums of money.
During the investigation, cybercrime officials said they found what they described as a Pakistani connection in the operation. According to the police, the owner or director of the platform is allegedly connected to a Pakistani citizen, while the broader network is being run from outside India.
Police further said the platform does not have legal registration or regulatory approval in India. Their investigation has also found that about 193,000 users from over 100 countries were investing through the online forex and cryptocurrency trading platform.
Ahmedabad Cyber Crime Police have taken the accused on remand and are now looking into his alleged associates in India, the banking routes used to move money abroad, and whether more people across the country may have been targeted through the same scheme.
Ahmedabad Cyber Crime Police have arrested a 26-year-old man from Bihar in an alleged investment fraud case in which an Ahmedabad resident lost Rs 19 lakh through a forex trading platform. Investigators said the platform, identified as 'winprofx', is allegedly linked to a Pakistani citizen.
Police said the case came to light after the complainant reported that he had been drawn to the platform through forex trading videos on social media, promised high returns and encouraged to invest in cryptocurrency and US dollar-based trades. Though the platform showed large profits on its dashboard, he was unable to withdraw any money, after which he approached the Ahmedabad Cyber Crime Police Station.
According to the police, the complainant opened an account on the international forex trading website and made several transactions, investing a total of Rs 19 lakh. When his request to withdraw funds did not go through despite the profits shown online, he suspected he had been cheated and filed a complaint.
After carrying out a technical probe and examining bank account transactions, police said they traced the operation to Bihar and arrested Kumar Mangalam, 26, whom they have described as the main accused in the case.
Investigators alleged that the accused made professional-looking forex trading videos to draw in potential investors and persuade them to use the 'winprofx' platform. Police said that once users developed confidence in the platform, they were allegedly pushed to put in larger sums of money.
During the investigation, cybercrime officials said they found what they described as a Pakistani connection in the operation. According to the police, the owner or director of the platform is allegedly connected to a Pakistani citizen, while the broader network is being run from outside India.
Police further said the platform does not have legal registration or regulatory approval in India. Their investigation has also found that about 193,000 users from over 100 countries were investing through the online forex and cryptocurrency trading platform.
Ahmedabad Cyber Crime Police have taken the accused on remand and are now looking into his alleged associates in India, the banking routes used to move money abroad, and whether more people across the country may have been targeted through the same scheme.
