A large-scale financial fraud involving cryptocurrency and forex trading has come to light, with a Lucknow-based private firm accused of cheating investors of ₹1.72 crore by promising high and assured returns. According to the complaint, 27 investors were duped through a well-planned scheme, following which the company allegedly shut its office and disappeared. A case has been registered at the Cantonment police station against five accused, who are reported to be residents of Sitapur and Kheri districts.
Victims allege that the accused projected themselves as experts in crypto currency and forex trading, assuring investors of monthly returns ranging between 7 and 15 per cent, while claiming that the investments were completely safe. To build credibility, initial payments were made to some investors, encouraging others to invest larger sums.
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Hotel Meetings and Advertisements Used to Trap Investors
According to the complainants, investors were invited to a meeting held in April 2025 at a hotel in the Alambagh area of Lucknow. Participants from multiple districts attended the event, where company representatives presented their alleged trading model, profit plans and operational structure.
During the presentation, the firm claimed to be actively trading in international crypto and forex markets and assured participants that their funds would be professionally managed. Various documents were shown to project legitimacy and reassure investors about the safety of their money. Convinced by the presentation, several participants invested their personal savings, while some even borrowed funds to increase their investment.
Initial Returns Paid, Office Later Found Shut
The complainants stated that the company paid profits regularly for a few months, reinforcing investor confidence. Encouraged by these payouts, many investors increased their investment amounts and also persuaded acquaintances to join the scheme.
However, after a certain period, profit payments abruptly stopped. When investors attempted to contact the company, they found the Lucknow office locked and the accused unreachable. It was only then that investors realised they had been cheated and collectively approached the authorities to file a complaint.
₹1.72 Crore Collected from 27 Investors
According to the complaint, the accused collected approximately ₹1.72 crore from 27 individuals through the fraudulent investment scheme. The accused allegedly relied on social media advertisements, direct personal outreach and hotel-based meetings to lend credibility to the operation and attract investors.
Victims claim that crypto currency, being a complex and relatively less understood investment domain, was deliberately used to mislead ordinary people who lacked technical knowledge but were drawn by promises of high returns.
Separate Fraud Involving Old Currency Notes Also Reported
In a separate but related incident, another case of online fraud has been reported in which a youth was allegedly cheated through a social media scheme involving the purchase of old currency notes. According to the victim, a video circulating on Facebook claimed that old currency notes could be exchanged for large sums of money.
Upon contacting the number provided, the fraudster sought identity documents under the pretext of registration and later demanded money for delivery, sending a QR code for payment. After the amount was transferred, all communication ceased.
Probe Underway, Investors Seek Recovery of Funds
In the crypto–forex investment case, police have initiated an investigation based on the complaint and efforts are underway to trace the accused. Investors say their lifetime savings have been wiped out and they are now facing severe financial distress.
Experts warn that investment schemes promising guaranteed and unusually high returns without proper registration are often fraudulent. The incident once again underscores the need for greater public awareness and caution while dealing with unregulated digital investment platforms.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
