Indore, The Indore Crime Branch has busted an organized gang accused of swindling crores of rupees under the guise of investments in cryptocurrency and forex trading. Police have arrested one female accused, while other members of the gang remain at large. Preliminary investigations reveal that the accused organized seminars at upscale hotels, enticing people with the promise of high returns in a short period and persuading them to invest crores of rupees.

According to the Crime Branch, the gang's network spanned multiple states, and investors were promised lucrative returns on cryptocurrency and forex trading investments. Ultimately, neither the invested capital nor the promised profits were returned. 

Female accused arrested; search for others underway

According to DCP Rajesh Tripathi, the police have registered a fraud case against Harpreet Kaur (alias Mona) of Vishnupuri Colony, Jaswant Singh (alias Jassi) of Chandigarh, Aniruddh Dalvi of Bengaluru, and Mukesh Tayde and Joseph of Bhopal. It is alleged that they collected large sums of money by luring investors with the promise of doubling their capital in just 100 days.

Harpreet Kaur has been arrested and is currently being interrogated, while the search for the other accused continues. 

Investors lured with promises of huge profits

A collective complaint regarding the matter was filed by investors including Jia Wadhwani, Gurjeet, Abhishek, Jasrath, Amarjit, Hanni, Sahil, Rohit, and Pankaj. According to the complainants, the accused claimed that the investment would yield a monthly profit of two percent and that the invested amount would double within just 100 days.

Trusting these claims, many individuals invested their savings into the scheme, but subsequently received neither the promised profits nor the return of their principal amount.   Gained Trust by Claiming to Represent a Foreign Company  

Police investigations revealed that the accused won investors' trust by citing an alleged US-based company named "A-Square World Global Consultancy." The probe uncovered that Harpreet Kaur had collected approximately ₹2.5 crore from investors, depositing the funds into both her personal bank accounts and those linked to the company.

  Acquaintance Began at a Kitty Party; Seminars Held in Hotels  

The primary complainant, Jia Wadhwani, informed the police that she first met Harpreet Kaur at a kitty party, where she was introduced to the investment scheme. Later, she was introduced to the other accused at Hotel Solaris in Bhanwarkuan, where a detailed presentation on the investment was given.

Subsequently, around 200 people were invited to a seminar held at a prominent city hotel. Complainants allege that attendees were persuaded to invest through promises of attractive returns, gifts, and financial gains.

  Payments Delayed Under the Pretext of Website Updates  

According to the victims, no investor received any payment after March 2025. When investors began demanding their money back, the accused delayed payments by citing ongoing upgrades to the company's website and systems.

Similar assurances continued into April. Later, an online meeting was held to promise imminent payment, yet none of the investors received their funds.

  Cut Off Contact as Pressure Mounted  

Complainants allege that when investors persistently demanded their money back, the accused claimed the company was incurring losses and refused to make payments. They subsequently switched off their phones and severed all contact.

Following this, the victims lodged a complaint with the Indore Crime Branch. The police are now investigating the bank accounts, financial transactions, and the roles of other individuals linked to the network. Searches are underway at various locations to apprehend the absconding accused.