Assistant prof at Ahmedabad Civil Hospital duped of ₹70 lakh in forex trading scam

The Cyber Crime Police in Ahmedabad have registered a case after an assistant professor at the Civil Hospital was allegedly duped of over ₹70.65 lakh in a sophisticated online Forex trading scam operated through Telegram.

Piyush Krishnamurari Malav (39), currently residing in a postgraduate hostel at the Civil Hospital campus in Asarwa, stated in his First Information Report (FIR) that he was lured into investing in a purported Forex trading platform through a Telegram channel.

According to the complaint, the fraud began in June when Malav, who has an interest in stock market investments, came across advertisements related to Forex trading on Telegram. He was subsequently contacted by a person identifying herself as ‘Sanjana’, who persuaded him to join an online trading platform and shared multiple website links.

Malav registered on the platform and was later directed to interact with another Telegram user operating under the name ‘Darwinex Global CS’, who provided instructions for making investments. Over a period between June 27 and August 1, the complainant transferred funds in multiple instalments to various bank accounts shared via Telegram.

Police said the total amount invested by Malav stood at ₹70.65 lakh. The fraudulent platform allegedly displayed fictitious profits amounting to $235,664.59 to gain the victim’s confidence.

Investigators said the accused initially allowed limited withdrawals ₹27,285 into Malav’s State Bank of India account and ₹3.85 lakh into his brother’s account to build credibility. However, when the complainant attempted to withdraw larger sums, he was asked to provide additional details, including his PAN card number, under the pretext of tax compliance.

“Subsequently, the accused stopped responding to his messages, and no further withdrawals were permitted. The invested amount was not returned,” a cyber cell official said.

Realising that he had been defrauded, Malav approached the cyber crime helpline and later lodged a formal complaint with the police. 

The FIR has been registered against unidentified persons for cheating, criminal breach of trust and criminal conspiracy. Police are examining the bank accounts used in the transactions and tracing the digital footprints of the accused.

Officials suspect that the scam may be part of a larger organised cyber fraud racket operating across multiple states and possibly with international links.