International Fraud Ring Scams Rs 46.5 Lakh through Fake Forex Trading App
Karwar: An international fraud ring operating through a fake Forex (FOREX) trading app has been busted by the CEN (Cyber Economic and Narcotics) police in Uttar Kannada. The fraudsters managed to scam an entrepreneur from Honnavar, Girish (35), out of ₹46.5 lakh by luring him with promises of large profits from online trading.
Girish, a resident of Prabhatnagar in Honnavar, came across advertisements on Facebook promoting a Forex trading platform called ‘MarketAxess’. Trusting the ads, he downloaded the app and started trading.
The fraudsters, posing as agents, contacted him via WhatsApp and encouraged him to invest more money over several months. Between May 28 and July 23, 2025, Girish invested a total of ₹46.5 lakh. However, when he attempted to withdraw his funds, he was unable to do so, realizing he had been scammed.
Following Girish’s complaint, the CEN police launched an investigation. With the guidance of the district police superintendent, a special team led by CEN DySP B. Ashwini was formed to trace the fraudsters.
The police arrested four individuals involved in the scam, including M.D. Alam (arrested at Bengaluru airport), Bilal Praveen Kumar (35), and Vinay Kumar (30), who were working as Relationship Managers at RBL Bank. They had helped the fraudsters open accounts illegally to facilitate the transactions.
Another suspect, Shameem Akhtar (55), a Bihar native, was arrested in Bengaluru. Akhtar was found to have played a key role in helping the fraudsters lure Girish into their trap. All four accused have been remanded to judicial custody.
Public Warning on Online Scams
This case serves as a warning to the public about the growing menace of online frauds. The police urged people to avoid trusting “too-good-to-be-true” investment opportunities promoted on social media. They warned against making financial investments through unofficial trading apps and advised against transferring money based on unsolicited financial advice from unknown sources.
Also Read: New Labour Law implemented in India: Know 12 key changes
