A man from Uttar Pradesh’s Mirzapur has been arrested for allegedly swindling a Ranchi resident of about Rs 8.52 crore in an online fraud that promised high returns from forex trading.
The Jharkhand Crime Investigation Department says the case involved a fake investment platform used to win the victim’s confidence before siphoning off the money.
Promise of High Forex Returns Drew Victim In
The complainant was lured through a social media platform with assurances of substantial profits from forex trading. The Ranchi based man later lodged an FIR at the cyber police station on March 10, following which the Jharkhand CID began investigating the case.
The agency said money was deposited on different dates into various bank accounts in the name of investment. To build trust, fake profits were shown to the complainant initially. Investigators later found that the trading platform itself was fraudulent and had allegedly been used as a medium for cyber fraud.
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Fake Profits Used to Build Credibility
The CID said approximately Rs 8.52 crore was defrauded from the complainant through the scheme. Based on the investigation, the accused was arrested from Mirzapur in Uttar Pradesh with the help of the local police.
The method reflects a pattern commonly seen in online investment frauds, where victims are first shown notional gains on a dashboard or trading interface. Such displays often create the impression that the investment is performing well, encouraging larger transfers over time. By the time the victim attempts to withdraw funds or questions the process, the money has usually already been moved through multiple accounts.
Jharkhand CID Probe Led to Arrest
Police said the case was taken up after the FIR was filed in Ranchi, and the probe eventually traced the accused to Mirzapur. The reports do not identify the accused by name, nor do they provide further details about the platform or the bank accounts used in the transactions.
Even so, the case underlines how social media led financial frauds continue to exploit the appeal of quick returns and the growing public interest in online trading. In this instance, investigators said the platform was never a genuine forex investment avenue but a fraudulent mechanism designed to extract money from the victim under the appearance of legitimate market participation.
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.
