A major online investment scam has come to light following a complaint filed on twelve November at Mathura Gate Police Station. The victim reported that the fake platform xpo dot ru was misleading investors with false promises of “double to triple” returns through crypto and forex trading. The platform also offered bonuses, referral rewards, and fast growth investment plans to attract more people.
Early investigation showed that the platform was not registered with SEBI, RBI, MCA, or any government authority. Although it claimed to be a Russia registered company since twenty sixteen, police traced its real operations to Jaipur from November twenty twenty two.
False claims of forty seven million users
The website advertised forty seven million users, funds worth four point three billion dollars under management, and a strong global presence. However, cyber investigation found only four lakh seventy thousand real users. The actual deposits were close to three thousand one hundred crore rupees. Police officers confirmed that the platform used fabricated data and manipulated trading screenshots to mislead investors.
Another linked website, dizicx dot com, defrauded more than nine thousand investors of nearly five hundred crore rupees. Both platforms were part of the same network. Their servers were hosted abroad to confuse Indian agencies.
How the fraud worked
Police found that the group followed a structured method. They created fake websites and apps with international style branding and attracted investors by promising very high and quick returns. They then moved the collected money to cryptocurrency wallets and foreign accounts. The fraudsters delayed payouts by displaying messages such as “Withdrawal Processing”, “KYC Pending”, or “Account Locked”. The funds were later used to buy luxury cars, expensive properties, and to load digital wallets. Most transactions were routed through cryptocurrencies to avoid detection.
Five arrested as police track the masterminds
Police have arrested Atul Kumar, Mukul Kumar, Krishna Kumar, Rakesh Kumar, and Umrao Mal. They worked as telecallers, fund handlers, and commission distributors. The key masterminds, Sandeep Sigar and Rajat Sharma, are still absconding. Cyber teams are working to trace their movements and investigate their domestic and international connections.
Expert warns investors
Former IPS officer and cybercrime expert Professor Triveni Singh said, “The biggest weapon of fake investment platforms is false trust. They promise massive returns, but in reality, there is no trading and no legitimate investment. Any platform claiming unusually high returns in a short period is one hundred percent fraudulent.”
He added, “Before investing, it is crucial to verify a platform’s registration with SEBI and RBI. Otherwise, fraudsters can wipe out years of savings in a single scam. These networks often exploit investors’ lack of knowledge about crypto and forex trading.”
Police highlights the increasing risk posed by fake online investment platforms and the need for strong awareness to protect savings.
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