A private school teacher from Greater Noida lost ₹20 lakh to cybercriminals posing as international forex brokers. Lured through Telegram and a convincing app, the victim was promised high returns on stock market investments. The scam, involving psychological manipulation and digital grooming, exposes a growing wave of tech-enabled financial fraud in India.
The Setup: Trust Built Through Training, Screenshots, and Small Profits
When Shweta Rai, a schoolteacher from Greater Noida’s Chi-5 sector, received an unexpected phone call on February 25, she had little idea it would mark the beginning of a meticulously planned cyber scam. The caller introduced himself as a representative of “FXRad,” an alleged global forex brokerage firm.
Claiming expertise in stock market investment strategies, the imposter offered her a chance to earn lucrative returns through guided training. To make the offer appear legitimate, he directed her to download the FXRad application and join a Telegram group where alleged “students” were posting daily screenshots of their profits.
In what now appears to be a classic case of digital grooming, the scammers initiated a low-risk investment. On February 28, Rai received an email prompting her to invest ₹19,000. To her surprise, a modest profit was promptly credited to her bank account—giving her a false sense of security and trust.
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The Trap: ₹20 Lakh Lost Over Multiple Transfers
Encouraged by early success and persuasive communication, Rai began transferring more money. Over the next several weeks, she deposited nearly ₹20 lakh in six transactions to bank accounts provided by the fraudsters. Each step was accompanied by convincing emails, Telegram updates, and positive reinforcement that painted a picture of financial growth and opportunity.
But the illusion began to crumble in April. When Rai attempted to withdraw her entire amount—along with the accumulated “profits”—the scammers pivoted. They started citing complex terms and conditions, demanding additional money as “taxes” before any disbursement could be made.
This sudden change in tone raised red flags. Rai realized she had been defrauded and approached the Cyber Crime Police Station in Noida.
The Fallout: Police Action, Freezing of Funds, and Ongoing Hunt
Acting on the complaint, Noida’s cyber crime unit—under the leadership of DCP Cybercrime Preeti Yadav—registered an FIR against the unidentified fraudsters under sections related to cheating, impersonation, and the IT Act. Authorities have already succeeded in freezing ₹6 lakh from the defrauded amount. Efforts are ongoing to trace other bank accounts connected to the criminals.
“The investigation is active. We’re working to identify the suspects and recover more of the stolen funds,” DCP Yadav confirmed. Meanwhile, the fraudsters continue to send Telegram messages and emails, pressuring the victim to deposit additional funds—an alarming sign that the scam operation is still live and targeting others.
A Widening Menace: Tech-Fueled Financial Scams in India
This case is a stark reminder of the growing sophistication in cyber fraud targeting common citizens—especially those financially literate but not tech-savvy. Scammers are increasingly relying on psychological manipulation, social engineering, and platforms like Telegram to build trust and extract large sums of money under the guise of legitimate financial operations.
While the police have made some headway in freezing funds and launching a probe, Shweta Rai’s story underlines the importance of widespread public awareness, better digital literacy, and stricter monitoring of financial apps and online brokerages.