Keralam: A 41-year-old non-resident Indian (NRI) from Kunnathunadu has allegedly lost Rs 2.11 crore after falling victim to an online foreign exchange trading scam operated through a fake investment platform. The victim, who is currently living in the United States, transferred the money to multiple bank accounts over several months after fraudsters promised returns through what appeared to be a forex trading website.
The Ernakulam Rural Cyber Crime Police registered a case on Wednesday against unidentified persons following a complaint filed by the victim’s friend. Investigators are now attempting to trace the bank accounts that received the money and freeze any available funds.
Police said the fraud came to light when the victim tried to withdraw his investment and the profits allegedly displayed on the platform. However, neither the invested amount nor the promised returns were made available to him.
The total amount allegedly transferred through the platform was Rs 2,11,35,077.
How the victim was introduced to the fake forex platform
According to the police complaint, the victim came across a website link associated with a platform called ‘Handtec Markets’ while browsing online. Following this, he was added to a Telegram group, where people claiming to represent the trading platform allegedly contacted and guided him.
The accused subsequently shared another link, claiming that it belonged to ‘Handtec Markets Global LTD’. However, police said the link redirected the victim to a fake foreign exchange trading website.
The fraudsters allegedly instructed him to access the website using login credentials provided by them. They reportedly guided him through Telegram, explaining how to use the platform and encouraging him to transfer money for trading.
The arrangement appeared to involve an online investment account through which the victim could monitor his transactions and the returns supposedly generated by his investments.
Police said the victim began transferring money from his bank accounts in October 2025. The payments were made to several bank accounts specified by the accused.
Rs 2.11 crore transferred over several months
Investigators said the victim transferred a total of Rs 2,11,35,077 through the fraudulent platform. The transactions reportedly continued over several months, with the accused allegedly directing him to deposit funds into different accounts.
The fraud was discovered when the victim attempted to withdraw the accumulated money. Despite the amounts shown on the platform, he was unable to recover either his original investment or the profits that had allegedly been promised.
Such scams commonly rely on building an appearance of legitimacy around online investment platforms. Fraudsters may use websites, messaging groups and direct communication to persuade victims that they are dealing with genuine trading services.
In this case, the alleged use of the Handtec Markets name and the Telegram group formed part of the sequence through which the victim was introduced to the platform and encouraged to invest.
However, the police investigation will have to establish who operated the website, who controlled the Telegram group and who owned or operated the bank accounts that received the transfers.
Delayed complaint complicates efforts to trace money
The Ernakulam Rural Cyber Crime Police are attempting to identify the recipients of the transferred funds and freeze the accounts involved.
Police said the delay in reporting the fraud has complicated efforts to trace the money and prevent its further movement. In online financial scams, funds may be transferred between multiple accounts, making it difficult for investigators to identify the final beneficiaries and recover the amount.
The police are therefore focusing on the banking trail and the accounts specified by the alleged fraudsters. Tracing the transactions could help establish the route taken by the money and identify individuals involved in receiving or transferring it.
The case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. The accused have not yet been identified, and the investigation is continuing.
What the case highlights about online investment fraud
The incident highlights the risks associated with investment platforms promoted through unsolicited website links and messaging groups. Fraudsters may use familiar-sounding company names, professional-looking websites and apparently structured trading processes to gain the confidence of prospective investors.
The involvement of Telegram in this case also underlines how messaging applications can be used to maintain contact with victims, share links and provide instructions for transferring money.
Investors should independently verify the registration and regulatory status of any platform offering foreign exchange trading or investment services. They should also avoid relying solely on information shared by people in online groups or on websites whose authenticity has not been established.
Promises of unusually high or guaranteed returns, pressure to make repeated deposits and restrictions on withdrawing funds are warning signs that require caution.
For the Kunnathunadu resident, the immediate challenge is to trace the Rs 2.11 crore allegedly transferred to the fraudsters. Although the police have registered a case, the delay in reporting has made the recovery process more difficult. Investigators are continuing their efforts to identify those responsible and freeze the recipient accounts.