Fake Forex–Crypto Websites Promised High Returns; International Network Busted, Five Arrested, Masterminds Still at Large
Bharatpur Police in Rajasthan have exposed one of the largest online investment scams in India to date. Five members of an international gang have been arrested for defrauding investors of nearly ₹3,500 crore through fake websites and mobile apps such as xpo.ru and dizicx.com, which lured people with promises of high returns in cryptocurrency and forex trading. The masterminds behind the operation remain at large.
During the investigation, authorities seized ₹40 lakh in cash, luxury cars worth ₹4 crore, gold and silver jewellery, and approximately ₹40 lakh in cryptocurrency. This case is being described as the largest digital investment fraud in Rajasthan so far.
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Complaint Filed on 12 November Uncovered the Scam
The case surfaced on 12 November when a victim filed a complaint at Mathura Gate Police Station. The complainant reported that the fake platform xpo.ru was promising “double-to-triple” returns in crypto and forex trading, misleading investors. Bonuses, referral earnings, and “fast-growth investment plans” were offered to lure a large number of investors.
Preliminary investigations revealed that the platform was not registered with SEBI, RBI, MCA, or any government regulatory authority. The website claimed to be a Russia-registered company since 2016, but actual operations were traced to Jaipur from November 2022.
Claimed 47 Million Users, Actual Users Only 470,000
The website advertised:
- 47 million users
- $4.3 billion in fund management
- Strong global market presence
However, cyber investigations revealed:
- Only 470,000 genuine users
- Actual deposits of approximately ₹3,100 crore
The entire network operated on fabricated data and manipulated trading screenshots.
Dizicx.com Defrauded 9,000 Investors for ₹500 Crore
The gang also ran another fake website, dizicx.com, through which it defrauded over 9,000 investors, totaling nearly ₹500 crore. Both platforms were part of the same network, with servers located abroad to mislead Indian authorities.
Modus Operandi of the Online Fraud Network
Police investigations revealed a systematic operation:
1. Creating fake websites and apps with international branding.
2. Luring investors with promises of high and rapid returns.
3. Transferring collected funds to cryptocurrency wallets and foreign accounts.
4. Displaying messages such as “Withdrawal Processing”, “KYC Pending”, or “Account Locked” to delay payouts.
5. Converting funds into luxury cars, high-value properties, and digital wallets.
Most transactions were routed through cryptocurrencies to avoid detection.
Five Arrested, Masterminds Still at Large
The arrested members are Atul Kumar, Mukul Kumar, Krishna Kumar, Rakesh Kumar, and Umrao Mal. They acted as telecallers, fund collectors, and commission distributors.
The main masterminds, Sandeep Sigar and Rajat Sharma, are still at large. Police are deploying cyber teams to trace their locations and investigate both domestic and international links.
Cybercrime Expert’s Warning
Former IPS officer and cybercrime expert Professor Triveni Singh commented:
“The biggest weapon of fake investment platforms is false trust. They promise massive returns, but in reality, there is no trading and no legitimate investment. Any platform claiming unusually high returns in a short period is 100% fraudulent.”
He added:
“Before investing, it is crucial to verify a platform’s registration with SEBI and RBI. Otherwise, fraudsters can wipe out years of savings in a single scam. These networks often exploit investors’ lack of knowledge about crypto and forex trading.”
This case underscores the growing threat of fraudulent online investment platforms, which can wipe out years of savings within a short span. Vigilance remains the most effective safeguard for investors.
