Durg | Amid a sharp rise in online investment and forex trading fraud cases across the country, police in Chhattisgarh’s Durg district have uncovered an alleged fake investment racket that cheated investors of lakhs of rupees. Authorities have arrested one accused for allegedly operating a fraudulent investment scheme that promised unusually high returns through forex trading platforms. Investigators claim the accused and his associates lured victims with assurances of guaranteed profits and later collected money through multiple bank accounts before cutting off communication. So far, the fraud amount detected in the case stands at ₹13.60 lakh, though officials believe the network may be larger.
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According to police, the case was registered at the City Kotwali police station after a complaint was filed by Deepak Jain, a resident of Ganjpara in Durg. In his complaint, the victim alleged that during 2024, a group of individuals contacted him claiming to represent a forex trading and investment company. The accused reportedly assured him that investments made through the platform would generate substantial monthly profits while the principal amount would remain completely secure. Investigators said the suspects gradually gained the victim’s trust by repeatedly promoting the investment scheme and projecting it as a safe financial opportunity.
Police said the accused persuaded the victim to transfer money through RTGS and online banking transactions into several bank accounts on different dates. According to investigators, the victim eventually invested a total of ₹13.60 lakh in the scheme. However, after a period of regular communication, the so-called investment company suddenly shut operations. The victim neither received the promised returns nor recovered the original investment amount. When he attempted to contact the accused and demand a refund, communication was allegedly discontinued, prompting him to approach the police.
During the investigation, officials examined financial records, banking transactions and digital communication trails connected to the case. Preliminary findings suggested that the accused allegedly collected money from investors under the guise of a fake forex trading network and routed funds through multiple accounts. Based on technical and financial evidence, police arrested Rajendra Kumar Tamrakar in connection with the fraud. Investigators stated that during questioning, the accused allegedly admitted to working with associates to convince people to invest money by promising abnormally high profits.
Police officials said mobile phones, bank passbooks, banking documents and transaction-related records were seized from the accused during the operation. Authorities are now analysing the seized materials to trace additional bank accounts, suspicious financial transfers and the identities of other individuals linked to the racket. Investigators suspect the operation may have involved multiple associates working together as part of an organised fraud network.
The probe has also revealed indications that the accused used fake investment models, fabricated profit projections and misleading promotional claims to gain the confidence of investors. Cyber and financial crime experts say cases involving forex trading, cryptocurrency and high-return investment scams have increased significantly in recent years. Fraudsters often use social media platforms, messaging applications and digital payment systems to target victims and present fraudulent schemes as legitimate financial opportunities.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said online investment fraud has emerged as one of the fastest-growing forms of organised cybercrime. According to him, cybercriminals first build trust with victims before trapping them with promises of “guaranteed returns” and “quick profits.” He warned that people should avoid investing in unverified trading platforms, unauthorised forex schemes and financial offers circulated through social media or messaging apps without proper regulatory approval. He also stressed that banks and financial institutions need to strengthen KYC verification systems and improve monitoring of suspicious transactions.
Police are currently conducting a detailed examination of the seized mobile data, banking records and digital transaction trails. Officials said efforts are underway to identify and arrest other suspects connected to the network. Investigators are also analysing the financial trail and online activities linked to the racket to uncover the complete structure of the alleged investment fraud operation.
