Cyber Fraud Uncovered: Five Arrested in Rs 5 Crore Forex Scam

Madhya Pradesh police arrested five members of a cyber gang for defrauding a victim of nearly Rs 5 crore using fake forex trade profits. The gang used software to show bogus gains, deceiving the complainant into transferring huge sums. Rs 75 lakh recovered; investigations continue.

In a significant breakthrough, the Madhya Pradesh police have apprehended five members of a cyber gang accused of swindling a complainant out of Rs 5 crore under the guise of foreign exchange trading.

The arrests were executed by the Indore crime branch and took place in multiple cities, including Nagpur, Raipur, Surat, and Bharuch, according to officials.

Authorities have successfully recovered Rs 75 lakh belonging to the victim, while additional funds have been frozen pending court resolution. The investigation continues to unravel the depth of the cyber network.

(With inputs from agencies.)