Tamil Nadu

Tirupur man arrested for Rs 5.8 crore fake forex fraud

Khaleel Ahmed (43) of Anna Nagar had filed a complaint stating that an agent had promised high returns for investing in a company called “FX Global Prime”. Over time, he had spent approximately Rs 5.80 crore under various pretexts.
Representative Image of a jail
Representative Image of a jail
Updated on: 

CHENNAI: The city police’s Cyber Crime Wing has caught a Tirupur man in connection with a Rs 5.80 crore fraud involving fake forex and stock market trading.

Khaleel Ahmed (43) of Anna Nagar had filed a complaint stating that an agent had promised high returns for investing in a company called “FX Global Prime”. Over time, he had spent approximately Rs 5.80 crore under various pretexts. He realised he was conned as there were no returns.

Probe revealed that the accused operated Khaleel’s Demat and trading accounts for several years and gradually shifted him to multiple fake trading platforms like Kabana Capitals, Handtech Market, Schatz Markets, TCM Broking and FX Global/ Forex Global Prime, which showed fake profits of around Rs 66 crore.

When Khaleel tried to withdraw money, he was asked to pay transfer fees, penalties and “company violation charges” before the account was finally blocked. The police arrested C Saravanakumar, native of Tirupur, from Madurai and brought him to city.

Tirupur
forex
Fraud
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