Ahmedabad contractor, wife duped of over ₹1 cr in Telegram-based forex trading scam

An Ahmedabad-based contractor and his wife were allegedly duped of over ₹1.08 crore in a Telegram-based forex trading fraud, after being lured with the promise of high returns from currency pair trades, according to a complaint filed with the Cyber Crime Police Station.

The complainant, Jaimin Patel, a resident of Gota and a construction contractor, told police that in early July, he came across videos on scalping trading and forex strategies on YouTube. This led him to online forums such as Forex Factory, where he found references to “GO Markets”. A Google search took him to the website gomrktsusm.com, which redirected him to a Telegram account GO Markets Global CS.

Patel said he created a Telegram ID and began communicating with the handle, which offered him guidance on trading currency pairs such as EUR-USD, BTC-USD and GBP-USD. On July 4, an account was opened for him, allegedly using his Aadhaar credentials. A deposit of ₹50,000 was made on July 7, which reflected as $625 in his trading account. He claimed that when he sought withdrawal, ₹8,000 was credited to his Axis Bank account, which built trust and encouraged him to invest further.

Over the next two months, between July 7 and August 30, Patel and his wife, Kinjalben, invested substantial sums via RTGS and IMPS into 11 different bank accounts provided by the accused over Telegram. The amounts ranged from ₹50,000 to nearly ₹20 lakh in individual transfers, totalling ₹1.08 crore. The couple’s bank accounts in Axis Bank, Gujarat State Cooperative Bank, and Central Bank of India were used for the transactions.

Patel alleged that the fraudsters opened separate trading accounts in his and his wife’s names, using their Aadhaar and email IDs, but each time he attempted to withdraw profits, fresh “deposit requirements” were raised. Eventually, neither the principal amount nor the purported profits were returned.

The accused concealed their identities and maintained communication exclusively through Telegram, never disclosing their phone numbers or real names. Patel provided screenshots of his chats and details of the bank transactions as evidence.

Cyber Cell Police said the case has been registered under relevant sections of the IPC and the Information Technology Act for cheating and criminal conspiracy. “The accused used multiple mule bank accounts to siphon the funds. Efforts are on to trace the beneficiaries and the money trail,” said an officer at the Cyber Crime Police Station.

Patel first approached the national cyber helpline (1930) on September 6 and was issued a reference number before filing his detailed complaint in Ahmedabad.