Ghaziabad: In a major breakthrough, the STF Agra unit along with Masuri police have busted a large-scale cyber fraud network that allegedly duped investors across the country in the name of cryptocurrency investments. The police have arrested the alleged mastermind, Jatindra Ram, who is accused of orchestrating a fraud of nearly ₹800 crore through online trading and network marketing schemes.
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Investigations revealed that the accused is a graduate and has been involved in online trading and network marketing activities for nearly seven to eight years. He reportedly learned trading techniques through social media in 2016 and later joined a company named “C Prime Capital” in 2022, acquiring its franchise. Following this, he rapidly expanded his operations and built an extensive investor network across multiple states.
According to police findings, the accused established a strong presence in cities including Dehradun, Noida, Muzaffarnagar, Ramnagar, Masuri, Ambala, Faridabad, Haridwar, and Rishikesh. Through this network, individuals were lured into investing in cryptocurrency and online trading platforms with promises of high returns in a very short period.
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The case came to light after a complaint was filed on April 6 by Pankaj Kumar, a resident of Gangapuram under Masuri police station limits. He alleged that individuals linked to the “Educendal” company deceived him into investing nearly ₹55 lakh by promising high returns in cryptocurrency trading. Similarly, Amit Nagar, a resident of Jaitpur, New Delhi, also reported a loss of approximately ₹2 crore in a similar fraud.
Based on these complaints, police initiated an investigation which soon revealed that the case was not an isolated fraud but part of a well-organized cybercrime syndicate operating across multiple states. The probe indicated links spanning Haryana, Uttar Pradesh, Delhi, and Uttarakhand.
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Police stated that the accused and his associates used a trading platform called MT-5 to trap investors. Fake profits were displayed on the platform to build trust and encourage higher investments. Initially, small returns were provided to gain credibility, after which victims were pressured to invest larger amounts.
During interrogation, it was found that Jatindra Ram had been leveraging digital and network marketing models for fraudulent purposes. He operated a structured referral system where members earned commissions for bringing in new investors. This multi-level structure allowed the scam to expand rapidly across regions.
Expert Opinion
Cybersecurity expert and former IPS officer Professor Triveni Singh noted that such crypto-related frauds are typically driven by social engineering tactics and fake return models.
“He explained that scammers initially offer small profits to build trust, then psychologically manipulate investors into committing larger funds before eventually collapsing the entire network and disappearing.”
Investigators believe that the case is not limited to a single individual and that several others may also be involved in running fake companies and digital platforms to mislead investors. Authorities are currently analyzing financial trails and digital transaction records to uncover the full extent of the network.
Experts further highlight that crypto investment scams are rising rapidly, with fraudsters using fake trading platforms and high-return promises to target unsuspecting individuals. Victims are often lured with early gains, only to lose their entire investments later.
The accused is currently in custody, and further interrogation is underway. Officials believe that more significant revelations are likely as the investigation progresses and the wider network is uncovered.
