Indian Police Bust Rs 210 Million Crypto and Forex Trading Scam, Arrest 8

Sri Ganganagar police in India have arrested 8 cyber fraudsters in connection with a cryptocurrency and forex trading scam that defrauded over 5,000 people of more than Rs 210 million. The scam, active for over 18 months, used fake online trading platforms and multi-level marketing tactics to lure victims with promises of high returns on investments.

According to police, the suspects persuaded victims to invest at least USD 300 each by promising guaranteed profits in forex and cryptocurrency trading. Potential investors received web links and were directed to create accounts and conduct transactions. The scam gang was led by the main accused, identified as Satpal, who formed a dedicated team to manage communication and online activities. 

Investigations revealed that the gang operated through a specially designed web domain to commit fraud. Victims were deceived into transferring funds to multiple bank accounts, believing they were participating in profitable crypto and forex trades. However, the accused maintained full control over the investors' accounts, preventing them from withdrawing their funds after deposits were made.

To enhance credibility and expand their fraudulent network, the gang organized promotional events, showcasing individuals who appeared to be earning significant profits. 

The scam came to light when a victim filed a complaint with the police. Acting on the complaint, police intercepted a Tata Safari SUV and detained Satpal along with his accomplices. During the operation, the police seized a laptop, nine mobile phones, and the vehicle.