Bihar-based BTech graduate held in Ahmedabad in ₹19 lakh cryptocurrency and Forex scam

The Cyber Cell of Ahmedabad Crime Branch has arrested a 26-year-old man from Bihar for his alleged role in operating and promoting a fraudulent online Forex and cryptocurrency investment platform, WinProFX, which police say duped an Ahmedabad resident of more than ₹ 19 lakh by promising high returns.

The accused, identified as Kumar Mangalam, a B Tech graduate in Computer Science from Begusarai, Bihar, was arrested following a technical investigation involving digital footprint analysis, call detail records (CDRs), cryptocurrency wallet tracking and bank account money trails.

According to the Cyber Crime Branch, the complainant was lured into investing in the online trading platform after being shown promotional videos advertising lucrative returns through Forex trading. The victim was persuaded to transfer cryptocurrency in the form of USDT to the WinProFX platform, where fictitious profits were displayed on the user's dashboard to build confidence.

Police said the complainant eventually invested approximately ₹ 19.07 lakh, but was unable to withdraw either the promised profits or the principal amount. Communication with the operators of the platform subsequently ceased.

Based on the complaint, the Cyber Crime Police Station registered an FIR under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) relating to cheating, criminal conspiracy and organised crime, along with Sections the Information Technology Act.

Investigators alleged that Mangalam was responsible for developing and administering the WinProFX platform. He allegedly created promotional videos explaining Forex trading, managed the website and referral programme, and earned commissions through the platform's operations.

During the search, police recovered an iPhone, an iPad and a MacBook, which have been seized for forensic examination.

Police said the investigation has revealed that WinProFX, which operated through the website Winprofx.com, projected itself as an international Forex and cryptocurrency trading platform offering investments in Forex currency pairs, gold, silver, commodities, stock indices and digital assets.

Although the platform claimed to be registered in Saint Lucia, investigators found that it accepted deposits from Indian investors through domestic bank accounts and cryptocurrency wallets despite not being authorised to operate in India.

According to the Cyber Crime Branch, preliminary findings suggest that the platform had approximately 1.93 lakh registered users from nearly 100 countries, including India, the United Arab Emirates, Pakistan, the United States, Bangladesh, Vietnam, Afghanistan and the United Kingdom.

Police suspect that investors may have collectively deposited crores of rupees into the platform.

Investigators also identified several bank accounts used to receive investors' funds. Preliminary inquiries indicate that some of these accounts were mule accounts maintained with HDFC Bank and Indian Bank in Haryana. Officials said multiple cyber fraud complaints linked to these accounts have already been recorded on the Indian Cyber Crime Coordination Centre (I4C) portal.

Police further stated that the owner and operators of the WinProFX platform are under investigation and that preliminary leads suggest possible links to a Pakistani national. Officials emphasised that the investigation is continuing and that these aspects are yet to be conclusively established.

Further investigation into the organised network is underway, and police are working to identify other individuals associated with the alleged fraud.