A 26-year-old software engineer from Bihar has been apprehended by the Ahmedabad Cyber Crime Branch for his involvement in an online forex and cryptocurrency trading platform scam. The platform, WinProFX, is accused of deceiving investors by displaying fake profits and failing to return investments.
The arrest followed a complaint from an Ahmedabad resident who claimed to have lost Rs 19.07 lakh after investing in WinProFX. The complainant was lured into the platform through forex trading videos and was convinced to invest using USDT cryptocurrency.
Investigators revealed that the platform operators showcased false profits on users’ accounts to entice them to invest more. However, when investors tried to withdraw their funds, they were unable to retrieve either their profits or initial investments.
Kumar Mangalam, a B.Tech graduate in Computer Science from Begusarai, Bihar, was identified as a key figure in the scam. Mangalam allegedly uploaded promotional forex trading videos, developed the platform, and managed its operations to generate revenue.
Officials disclosed that WinProFX, registered in Saint Lucia, had around 1.93 lakh users from nearly 100 countries, including India, the United States, and the United Kingdom. The platform encouraged deposits in Indian rupees and cryptocurrency for trading various assets.
Investigations indicated that users collectively invested significant sums through the platform, with funds allegedly channeled through mule accounts in HDFC Bank and Indian Bank. Additionally, connections to a Pakistani national linked to WinProFX are under scrutiny.
