A large-scale financial fraud linked to cryptocurrency and forex trading has been reported in Lucknow, where a private firm is accused of cheating investors of ₹1.72 crore by promising high and assured returns. According to the complaint, 27 investors were allegedly duped through a planned scheme, after which the company shut its office and vanished.
A case has been registered at the Cantonment police station against 5 accused, who are said to be residents of Sitapur and Kheri districts. Victims alleged that the accused presented themselves as experts in crypto currency and forex trading. They assured investors of monthly returns ranging from 7% to 15% and claimed that the investments were completely safe.
To gain trust, the accused reportedly made initial payments to some investors. These early returns encouraged others to invest larger amounts.
According to complainants, investors were invited to a meeting held in April 2025 at a hotel in the Alambagh area of Lucknow. Participants from several districts attended the event, where company representatives explained their trading model, profit plans, and operating structure. The firm claimed to be actively trading in international crypto and forex markets and displayed documents to project legitimacy.
Many investors said they invested their savings after the presentation, while some borrowed money to increase their exposure. The company reportedly paid profits regularly for a few months, which further strengthened confidence. Over time, investors increased their investments and referred others.
However, profit payments suddenly stopped. When investors tried to contact the company, they found the Lucknow office locked and all communication cut off. This prompted the victims to jointly approach the police.
The complaint states that nearly ₹1.72 crore was collected from 27 investors using social media advertisements, direct outreach, and hotel meetings. Victims believe the complexity of crypto currency was used to mislead people with limited technical understanding.
In a separate incident, another online fraud case was reported in which a youth was cheated through a social media scheme involving old currency notes. After sharing identity details and transferring money via a QR code, the victim lost contact with the fraudster.
Police have begun investigations in both cases. Investors have sought recovery of their funds, stating they are facing severe financial distress.
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