Gujarat Cyber Crime Police have arrested a 26-year-old computer science engineer from Bihar while investigating an alleged forex and cryptocurrency investment fraud linked to the WinProFX platform. The case began after a Gujarat investor complained of losing more than ₹19 lakh when repeated attempts to withdraw funds from the portal allegedly failed.
Fake Profits Allegedly Used to Encourage Deposits
Investigators said prospective investors were targeted through social media campaigns, digital advertisements and promotional videos presenting forex and cryptocurrency trading as highly profitable.
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Users were directed to the WinProFX portal and encouraged to deposit money, primarily through USDT and other cryptocurrency channels. The platform allegedly displayed substantial profits and apparently successful trades on a sophisticated digital dashboard to build confidence and encourage further investment.
Authorities claim these earnings were fictitious. Withdrawal requests were allegedly blocked or delayed when investors attempted to recover their principal or displayed profits. In several cases, platform operators reportedly stopped communicating with users.
Cyber experts examined call detail records, cryptocurrency wallet transactions, bank trails and IP login data to identify people suspected of managing the operation.
Engineer Accused of Managing Digital Infrastructure
The technical investigation led police to Begusarai in Bihar, where Kumar Mangalam was arrested. Police described him as a BTech graduate in computer science and seized an iPhone, an iPad and a MacBook during the operation.
Investigators allege that Mangalam was the principal website developer and system administrator for WinProFX. He is accused of maintaining the portal, uploading promotional content and supporting its digital infrastructure.
Authorities also suspect that he received financial benefits through referral arrangements and administrative access connected to the platform. His questioning is continuing as investigators seek to identify other alleged members of the network.
WinProFX presented itself as an offshore trading company offering investments in foreign exchange markets, gold, silver, stock indices and digital assets. It reportedly accepted deposits in Indian rupees and cryptocurrencies.
The platform claimed to be registered in Saint Lucia. Investigators are examining that claim and attempting to establish the actual ownership structure behind the operation.
International Reach and Mule Accounts Under Scrutiny
Preliminary findings indicate that approximately 1.93 lakh users from nearly 100 countries were registered on the platform. These reportedly included users from India, the United States, the United Kingdom, the United Arab Emirates, Pakistan, Bangladesh and Vietnam.
Authorities suspect that the total amount involved could extend to several crores of rupees. The full scale of the alleged fraud has yet to be established.
Investigators also found suspected use of mule bank accounts to process deposits from Indian users. Funds were allegedly routed through several accounts in Haryana before being transferred elsewhere. Some accounts had reportedly been linked to earlier cyber fraud complaints.
A criminal case has been registered under provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. Police are tracing additional financial channels, examining potential international connections and searching for other people suspected of involvement in the platform.
