Ludhiana: ₹3 crore forex fraud busted; pvt bank staff among 3 held
The fraud, which targeted a 57-year-old farmer from Krishna Puri, Machhiwara, came to light after the victim, Sanjeev Pandhi, filed a complaint with the cyber police station
The Khanna cyber police have busted an online foreign exchange trading fraud involving ₹3.73 crore, arresting three individuals, including an employee of IDFC Bank. The arrested suspects have been identified as Samaksh Bhatt, the bank employee, Baldev Singh, both residents of Chandigarh, and Gurjant Singh, a resident of village Salana in Fatehgarh Sahib district.
The fraud, which targeted a 57-year-old farmer from Krishna Puri, Machhiwara, came to light after the victim, Sanjeev Pandhi, filed a complaint with the cyber police station. Police revealed that Pandhi was initially contacted on the messaging platform Telegram by a woman posing as an investment advisor. She lured him with promises of high returns through foreign currency trading.
“The woman convinced the victim that he could make huge profits by investing in foreign exchange trading. Trusting her claims, he created an account on a trading platform,” said inspector Narpinder Singh, in-charge of the cyber police station.
Between the initial contact and December 18, 2024, Pandhi transferred a total of ₹1.04 crore into the designated account, believing the scheme was legitimate. The fraudsters manipulated the platform to display inflated profits, showing a balance of ₹3.66 crore in Pandhi’s account. However, when he attempted to withdraw his supposed earnings, he was asked to pay ₹24 lakh in taxes before the funds could be released.
Desperate to access his money, Pandhi complied with the demands. But the deception escalated when he was told that his withdrawal request had been blocked due to account limitations. The fraudsters then demanded an additional ₹80 lakh to resolve the issue.
{{/usCountry}}Desperate to access his money, Pandhi complied with the demands. But the deception escalated when he was told that his withdrawal request had been blocked due to account limitations. The fraudsters then demanded an additional ₹80 lakh to resolve the issue.
{{/usCountry}}Despite his growing suspicions, Pandhi continued to transfer funds. By February 10, 2025, he had been defrauded of a total of ₹3.73 crore. It was only after several failed withdrawal attempts and the disappearance of the so-called advisors that Pandhi realised he had been scammed.
{{/usCountry}}Despite his growing suspicions, Pandhi continued to transfer funds. By February 10, 2025, he had been defrauded of a total of ₹3.73 crore. It was only after several failed withdrawal attempts and the disappearance of the so-called advisors that Pandhi realised he had been scammed.
{{/usCountry}}“This is one of the most significant cases we have handled in recent times. It involved sophisticated manipulation of digital platforms and misrepresentation,” said the inspector. Singh. The police traced the suspects using digital footprints and technical evidence, which led to their arrests.
{{/usCountry}}“This is one of the most significant cases we have handled in recent times. It involved sophisticated manipulation of digital platforms and misrepresentation,” said the inspector. Singh. The police traced the suspects using digital footprints and technical evidence, which led to their arrests.
{{/usCountry}}Police have urged citizens to be cautious of online investment schemes, stressing the importance of verifying the authenticity of platforms and advisors before transferring funds.
