Duo promises huge profits in forex trade, dupes many

The cyber police finally nabbed the gang of two who had been cheating people in the name of earning profit through forex trading. Police were set on the trail of the gang after Manish Shah, resident of Kubernagar, filed a complaint with the cyber cell of the city police.

The duo promised anywhere between Rs 35,000 to Rs 50, 000 profit per trade.

According to Shah, he received a message on his phone promising a brilliant profit through forex trade that only required an install of trading software. The message also promised that no advance was needed. Shah parted with his Pan Card, Aadhar Card, Email ID, and a cancelled cheque. He deposited Rs 1 lakh in an IDBI bank account as that was the minimum amount required to begin the trading.

The cyber cell tracked the phone number from which the message was sent and the account in which the money was deposited and arrested Jayesh Vaghela and Kirit Kareliya, both residents of Surat.

Their modus operandi included convincing the unwary victims to join forex trading. Vaghela was already familiar with forex trading and got the contact details of people who were already into trading from dataprovider.com for Rs 1 per detail.

He would then send bulk SMSes to their numbers and wait for the interested parties to call back and convince them to share their details.

The trading software link shared with the victims would be operative only for a week and after that, it would go kaput, leaving the victim with no money and no trading account, said officials.