A man from Tirupur, Tamil Nadu, has been arrested in connection with an alleged ₹5.8 crore fake forex and stock market investment scam, in which an investor was allegedly deceived through fraudulent online trading platforms promising unusually high returns.
According to the Cyber Crime Wing of the Chennai City Police, the complainant, Khaleel Ahmed (43), a resident of Anna Nagar, alleged that an agent persuaded him to invest in a company called FX Global Prime, assuring him of substantial profits. Over time, he reportedly invested around ₹5.80 crore under various pretexts but received no legitimate returns.
Investigators said the accused had managed the victim’s Demat and trading accounts for several years before gradually shifting him to a series of allegedly fake trading platforms, including Kabana Capitals, Handtech Market, Schatz Markets, TCM Broking, and FX Global Prime.
Police alleged that these platforms displayed fabricated trading profits of nearly ₹66 crore to convince the victim that his investments were growing significantly. However, when he attempted to withdraw the funds, he was allegedly asked to pay additional charges, including transfer fees, penalties, and so-called “company violation charges.”
According to investigators, after extracting further payments, the fraudsters ultimately blocked the victim’s account, preventing him from accessing either his investments or the purported profits.
Based on the investigation, police arrested C. Saravanakumar, a native of Tirupur, from Madurai. He was subsequently brought to Chennai for further legal proceedings.
The Cyber Crime Wing is continuing its investigation to determine whether additional suspects were involved in operating the alleged fraudulent investment network. Investigators are also examining the financial trail, the movement of funds, and whether the accused had links to a wider cyber-enabled investment fraud syndicate.
Authorities have advised investors to exercise caution while investing through online forex or stock trading platforms. Experts recommend verifying whether an investment platform is regulated by the appropriate financial authorities before transferring funds and avoiding schemes that promise guaranteed or exceptionally high returns.
The allegations made by the police are currently under investigation. The accused is entitled to due process of law, and the final outcome will depend on the evidence presented during judicial proceedings.
