Indian Police Bust Alleged Illegal Forex and Crypto Investment Fraud Involving WinProFX

The case came to light after an investor from Gujarat filed a complaint, claiming he had been persuaded to invest through WinProFX after watching promotional forex trading videos circulated across various online platforms. The platform marketed forex trading as a highly profitable investment opportunity, encouraging users to deposit increasing amounts of money.

According to police, the victim transferred funds to the platform in the form of USDT (Tether). Initially, the trading dashboard displayed substantial profits, creating the illusion of successful trading and encouraging further investments. However, when the investor attempted to withdraw both his profits and principal, the requests were never processed. Communication from the platform's operators gradually ceased, leaving the victim unable to recover more than Rs 1.9 million in losses.

Investigators allege that WinProFX deliberately used false advertising and fabricated trading results to gain investors' trust and persuade them to invest larger sums. Police believe the platform's operators acted as part of an organized and premeditated cyber fraud scheme.

Through digital forensics, analysis of call records, cryptocurrency wallet addresses, bank transactions, and fund flows, investigators mapped the structure of the alleged fraud network. Combined with technical surveillance and intelligence gathering, the investigation eventually led authorities to the eastern Indian state of Bihar.

Police arrested Kumar Mangalam, a 26-year-old Computer Science graduate from Bihar, who is suspected of serving as the platform's website developer, administrator, and promoter. Authorities allege that he uploaded promotional forex trading videos to attract investors and generated income through referral codes and the operation of the WinProFX platform.

During the arrest, police seized an iPhone, iPad, and MacBook, which are believed to contain evidence related to the investigation.

According to investigators, WinProFX presented itself as an online investment platform offering trading in forex, cryptocurrencies, gold, silver, commodities, and market indices, allowing investors to fund their accounts using either Indian Rupees or cryptocurrencies.

Police stated that although WinProFX claimed to be registered in Saint Lucia, it was not authorized or licensed to provide investment services in India. Despite lacking regulatory approval, the platform allegedly accepted deposits from Indian investors through domestic bank accounts and cryptocurrency wallets, enabling it to operate outside India's financial regulatory framework.

Preliminary findings indicate that WinProFX has approximately 193,000 registered users across nearly 100 countries, including India, the United Arab Emirates, Pakistan, the United States, Bangladesh, Vietnam, Afghanistan, and the United Kingdom. Investigators believe that investments worth hundreds of millions of rupees may have flowed through the platform.

Authorities also discovered that investor funds were allegedly routed through multiple mule bank accounts maintained in Haryana at HDFC Bank and Indian Bank. Checks conducted through the Indian Cyber Crime Coordination Centre (I4C) reportedly linked these accounts to numerous cyber fraud complaints.

In a significant development, investigators have also identified possible links between individuals involved in the ownership and management of WinProFX and a Pakistani national. Police emphasized that this aspect of the investigation remains under verification and that no final conclusions have yet been reached.

Ahmedabad Cyber Crime Police have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Authorities say they will continue tracing financial transactions, identifying additional suspects, investigating the platform's international connections, and determining the full scale of the alleged illegal investment operation.