Ahmedabad, June 22, 2026
A 26-year-old software engineer from Bihar has been arrested by Ahmedabad Cyber Crime Branch for allegedly helping operate an online forex and cryptocurrency trading platform that investigators say cheated investors by displaying fake profits and withholding both returns and principal investments.
The arrest was made during an investigation into a complaint filed by an Ahmedabad resident who alleged that he had been defrauded of Rs 19.07 lakh after investing through WinProFX, a forex trading platform promoted on various online channels.
According to police, the complainant was drawn to the platform after watching forex trading-related videos and was persuaded to transfer funds in the form of USDT cryptocurrency for investment.
Investigators alleged that the operators of the platform falsely displayed substantial profits on the user’s account to gain his confidence and encourage further investments.
However, when the complainant sought to withdraw either the profits or the original investment, the funds were not returned.
A technical team analysed digital footprints, call detail records, cryptocurrency wallet addresses and bank account money trails using advanced software tools.
Based on technical surveillance and human intelligence inputs, officers traced and apprehended Kumar Mangalam, a resident of Begusarai in Bihar and a B.Tech graduate in Computer Science.
Investigators alleged that Mangalam was responsible for uploading promotional videos related to forex trading to attract investors and worked as the developer and administrator of the WinProFX platform.
He allegedly earned revenue through referral codes and the operation of the website. An iPhone, iPad and MacBook were seized from his possession.
“WinProFX operated as an online forex and cryptocurrency trading platform offering trading in currency pairs such as EUR/USD and GBP/USD, as well as gold, silver, commodities, indices and digital assets,” officials said.
The platform was registered in Saint Lucia and had approximately 1.93 lakh registered users across nearly 100 countries, including India, the United Arab Emirates, Pakistan, the United States, Bangladesh, Vietnam, Afghanistan and the United Kingdom.
Investigators said investors were encouraged to deposit money in Indian rupees and cryptocurrency through the website and mobile application.
To create an impression of successful trading activity, fictitious profits were allegedly shown on users’ dashboards.
Once investors attempted to withdraw funds, the operators allegedly stopped responding and failed to return either the invested amount or the displayed gains.
Police said preliminary findings indicate that users collectively invested amounts running into several crores of rupees through the platform.
The investigation further revealed that deposits were allegedly routed through mule accounts maintained with HDFC Bank and Indian Bank in Haryana.
Verification through the Indian Cyber Crime Coordination Centre’s portal showed that multiple cyber fraud complaints had already been registered against those accounts.
The Cyber Crime Branch also stated that the proprietors or directors associated with WinProFX appear to have links with a Pakistani national.
Officials said further investigation into those connections is ongoing.
Police said that although WinProFX was not registered in India, it allegedly accepted deposits in Indian rupees and cryptocurrency through Indian bank accounts and crypto wallets under the guise of investment activities.(Agency)
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