Fake Website Forex Scam, Arrests Two for Duping 100+ Investors

The Chennai Cyber Crime Cell Police uncovered a large-scale online scam on Wednesday, involving more than 100 victims who were lured into investing their money through fraudulent forex trading websites. The scam was orchestrated by two men, Syed Abu Thahir and Syed Ali Hussain, who were arrested in connection with the crime.

The incident came to light when M. Ashok Kumar, an electrician from Thiruverkadu, filed a complaint with the Commissioner of Police on January 21. Ashok Kumar reported that he had been contacted by two individuals over an international phone call, who identified themselves as Directors of Deltin International Solutions, a company allegedly involved in foreign exchange trading.

The fraudsters targeted individuals already familiar with the share market, convincing them to invest in foreign exchange trading via their fraudulent website. “They claimed to offer high returns through forex investments,” explained Inspector Vinothkumar. Ashok Kumar, believing the scammers, transferred Rs 10.54 lakh to the website between October 2019 and January 2020. It was only after the investment that Kumar realized he had fallen victim to the scam.

The Cyber Crime Cell registered a case and launched an investigation, tracing the scammers to the websites www.deltinfx.com and www.deltininternationalsolutions.com. The suspects, Thahir and Hussain, admitted to running the fake websites, and they were arrested after being found in possession of Rs 1.95 lakh in cash and five mobile phones.

Police reports revealed that the scammers had been operating in Chennai for over a year and a half. They capitalized on the lockdown period to entice more people into their fraudulent forex scheme by promising substantial returns on investments. Hundreds of victims from across India were defrauded.

The Chennai Cyber Crime Cell Police has issued a public advisory, urging caution while trading in forex and warning against falling for similar online scams. They emphasized the importance of verifying the legitimacy of any online trading platform before making financial commitments.