Raipur: An alleged forex trading scam involving more than ₹100 crore has surfaced in Chhattisgarh, with over 100 investors from 10 states claiming they were duped. After payments stopped and communication with the accused allegedly ceased, victims from several states gathered in Dongargarh and surrounded the residence of the main accused in protest. Police have launched an investigation, and an FIR is expected to be registered after the preliminary inquiry.
According to the complainants, Kuljeet Singh Bhatia, a resident near Wesleyan Church at Railway Chowk in Dongargarh, along with several others, allegedly persuaded people to invest through an online forex trading platform called “Long Asia.” Investors were reportedly promised exceptionally high returns, attracting participants from Madhya Pradesh, Punjab, Himachal Pradesh, and several other states.
Victims said the scheme initially appeared legitimate as they received regular returns on their investments. Encouraged by these early payouts, many invested larger amounts, ranging from lakhs to crores of rupees. They were also allegedly offered incentives for referring new investors, leading to rapid expansion of the network through personal contacts and online promotions.
According to the investors, all payouts stopped in February 2026. When they attempted to withdraw their money or contact those running the scheme, they allegedly received no response. As communication gradually broke down, investors realised they might have been cheated. They subsequently connected with other victims across different states and jointly travelled to Dongargarh to confront the accused.
Some investors from Nagpur alleged that, besides Kuljeet Singh Bhatia, Jogendra Verma, Abhay Kunle, and Mayank were among those who conducted online meetings and used social media platforms and digital channels to recruit investors. They claimed the accused collected crores of rupees by assuring participants of consistently high profits through forex trading before eventually becoming unreachable after payments stopped.
The victims further alleged that the scam may be much larger than currently known. They believe thousands of people across the country may have invested through the network, with the total amount involved potentially exceeding ₹100 crore. According to them, the investors who have come forward so far represent only a fraction of those affected, and the scale of the fraud could become clearer as the investigation progresses.
Police said they are examining the complaints and verifying investment-related documents, bank transactions, digital records, and the activities linked to the online platform. Investigators are also tracing the flow of funds, identifying the bank accounts used, determining the number of investors involved, and examining the role of each suspect. Appropriate legal action will be initiated after verification of the preliminary findings.
Financial experts caution that investment schemes promising unusually high or guaranteed returns, particularly those operating through unregulated platforms and referral-based models, often carry significant fraud risks. They advise investors to verify the regulatory status of any investment platform and invest only through authorised and regulated financial institutions. Police have also urged the public to remain cautious, avoid falling for unrealistic profit claims, and immediately report any suspicious investment scheme to the authorities.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
