Ranchi Man Duped of Rs 8.52 Crore in Fake Forex Trading Scam, UP Man Arrested

A man has been arrested from Mirzapur in Uttar Pradesh for allegedly cheating a Ranchi resident of nearly Rs 8.52 crore through a fake online forex trading scheme, officials from the Jharkhand Crime Investigation Department (CID) said on Monday.

According to the CID, the accused allegedly lured the victim through a social media platform by promising unusually high returns on investments in forex trading. The complainant, a resident of Ranchi, later filed an FIR at the cyber police station on March 10 after realising he had been duped.

Investigators said the victim was persuaded to deposit money into multiple bank accounts on different dates in the name of investment. To gain the complainant’s confidence, the fraudsters initially displayed fake profits and fabricated trading gains on the online platform.

However, the CID probe later revealed that the forex trading platform was entirely fraudulent and had been created solely to carry out cybercrime activities.

“The complainant was lured with the promise of high profits in forex trading through a social media platform. Fake profits were shown initially to gain the complainant's trust,” the CID said in a statement.

Following technical investigation and digital tracking, the accused was arrested from Mirzapur with assistance from the local police in Uttar Pradesh.

Officials said the investigation is ongoing and efforts are being made to trace other individuals who may be linked to the cyber fraud network.

Cybercrime officials have repeatedly warned people against investing in unverified online trading platforms that promise quick and guaranteed returns . Experts advise investors to verify the authenticity of investment portals and avoid transferring money based solely on social media advertisements or online messages.