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A US-based NRI has allegedly lost ₹2.11 crore in a fake forex trading scam involving a Telegram group and fraudulent website.
How Did the Forex Trading Scam Begin?
The 41-year-old complainant, originally from Kunnathunadu in Kerala’s Ernakulam district, reportedly encountered an online link associated with Handtec Markets. He was subsequently added to a Telegram group where an investment opportunity was presented to him.
According to police, the accused shared another link claiming to represent Handtec Markets Global LTD. The link redirected him to a fraudulent forex trading website. The complainant was provided login credentials and guided through the investment process, allegedly believing he was dealing with a legitimate trading platform.
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How Much Money Was Transferred?
Investigators said the complainant began transferring money from his bank accounts to various accounts specified by the accused in October 2025. The payments continued on multiple occasions, with the total amount reaching ₹2,11,35,077.
The alleged fraud came to light when he attempted to withdraw his investment and the profits he believed he had earned. Neither the original amount nor the promised returns were released. Police suspect the funds were transferred to bank accounts controlled by individuals involved in the fraudulent operation.
What Action Have Kerala Police Taken?
The Ernakulam Rural Cyber Crime Police registered a case on Wednesday following a complaint submitted by a friend of the US-based NRI. The case has been registered against unidentified persons under provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act.
Investigators are examining the financial transactions and tracing the bank accounts that received the money. Police are also attempting to freeze the recipient accounts as part of efforts to recover the funds.
Why Could Recovering the Money Be Difficult?
Investigators said there was a delay in reporting the suspected fraud, which could complicate efforts to recover the money. The transfers were made through multiple bank accounts, requiring police to trace the movement of funds.
The case illustrates how fraudulent investment platforms can use messaging applications and websites resembling legitimate financial services to obtain money from investors. The investigation is continuing, with police focusing on identifying the account holders and tracing the transferred funds.
