A major alleged crypto and forex investment fraud has surfaced in Indore, where several women were reportedly lured into investing nearly ₹2.5 crore through promises of unusually high returns and quick doubling of money. Investigators said the accused initially paid small profits to build trust before allegedly disappearing with the larger funds.
Women Targeted Through Social Gatherings
According to investigators, the accused built their network through kitty parties and social gatherings, where they gradually gained access to women investors. They allegedly promoted a so-called international trading setup and claimed that the money would be invested in crypto and forex markets with guaranteed returns within 100 days.
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Officials said some investors received small payouts in the beginning, which helped create confidence in the scheme. Encouraged by these early returns, more people began investing larger amounts, believing their funds were being routed into legitimate trading platforms and overseas investment systems.
Investigators said no evidence of any registered or lawful trading activity has been found so far. The findings suggest that the money collected from investors was not placed in any authorised financial scheme or genuine trading platform.
‘VIP Trading Circle’ Used to Push Bigger Investments
During the probe, investigators found that as the investment pool grew, the accused allegedly pressured victims to contribute more money. Some investors were reportedly promised entry into a so-called “VIP trading circle,” which was presented as a route to higher profits than those available to regular investors.
Influenced by these claims, several women allegedly invested their savings, pledged jewellery and borrowed money from relatives to participate in the scheme. Officials believe the accused used personal trust and social connections to persuade victims to keep adding funds.
The alleged fraud began to unravel when investors started demanding refunds. Investigators said the accused began avoiding contact, phone numbers were switched off and communication channels were abruptly closed, prompting victims to approach authorities.
Police Trace Money Trail, Several Accused Under Scanner
Authorities have booked several people under cheating and financial fraud-related provisions. Investigators are examining the role of Harpreet Kaur, along with Jaswant Singh, Dalbir, Mukesh and other suspected associates. Officials said the main accused has been arrested, while others are absconding.
Police are now analysing bank transactions, digital payment records and money flow patterns to trace the final destination of the funds. Investigators are also trying to determine whether more victims were drawn into the alleged investment network through private gatherings and referral-based contacts.
Cybercrime expert and former IPS officer Prof. Triveni Singh warned that claims of doubling money in a short period or offering guaranteed high returns are often signs of financial fraud. Experts have advised investors to verify regulatory approvals, avoid unregistered trading platforms and remain cautious of crypto, forex or referral-based schemes promoted through personal trust circles.
