KANPUR: A resident of Govind Nagar was allegedly cheated of ₹40.32 lakh by cyber fraudsters who lured him into a fraudulent gold trading scheme with promises of lucrative returns. The fraud began after the victim was provided an initial profit of ₹5,000 on an investment of ₹50,000, gaining his confidence before he was persuaded to transfer substantially larger sums. When he attempted to withdraw his balance, the operators of the platform demanded repeated payments under the pretext of withdrawal charges. A formal police complaint has been registered, and an investigation is underway with assistance from the cybercrime cell.
Initial Profit Lured Victim Into Deeper Transfers
According to the complaint filed by Mahendra Singh, a resident of P-Block in Dabauli, he began trading through the Morgan Max company website in January 2026. After he made an initial deposit of ₹50,000, an amount of ₹5,000 was credited to his account the following day as purported profit. The swift payout convinced him of the platform’s legitimacy, prompting him to deposit a further ₹4 lakh across four separate instalments.
The website subsequently changed both its domain and corporate name, yet Singh continued using the service. The dashboard later showed his balance rising to $68,085.75, leading him to believe his holdings had grown significantly and prompting his request to withdraw the funds.
Millions Extorted Under Pretext of Release Charges
When Singh applied to retrieve his capital and earnings, platform operators informed him that statutory and processing charges had to be cleared before the funds could be released. Instead of fulfilling the withdrawal request, the accused directed him to transfer money into multiple designated bank accounts under various pretexts.
Trusting their assurances, Singh transferred a total of ₹40.32 lakh across multiple accounts. Despite these payments, no funds were credited to him. Suspicions arose when the operators demanded an additional payment of $2,193 to process the release. Realising he was being defrauded, Singh refused to pay further and approached local authorities.
Police and Cybercrime Cell Launch Joint Probe
Govind Nagar police station in-charge Ashok Kumar Dubey confirmed that a case has been registered based on Singh’s statement. Investigators and cybercrime personnel are examining the recipient accounts, transaction trails, and digital infrastructure associated with the platform.
The probe aims to trace the destination of the transferred funds, identify the individuals operating the recipient accounts, and determine who coordinated the rebranding of the website. Police are also reviewing the digital records displayed on the trading portal to establish the precise sequence of the fraud.
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