A 41-year-old NRI from Kerala's Ernakulam district allegedly lost ₹2,11,35,077 in a fake forex trading scheme promoted through Telegram. According to police, the victim transferred money to accounts supplied by fraudsters after accessing a website impersonating a trading platform. The suspected fraud emerged when he could not withdraw his investment or the promised returns. Ernakulam Rural Cyber Crime Police registered a case on November 11, 2026, and are tracing the recipient accounts. No arrests have been reported.
Kerala Fake Forex Trading Scam Leaves US-Based NRI ₹2.11 Crore Out of Pocket
A 41-year-old non-resident Indian (NRI) from Kerala has reportedly lost ₹2.11 crore by falling prey to a fake forex trading platform promoted on Telegram, leading to a cybercrime investigation.
Kerala fake forex trading scam: A 41-year-old US-based non-resident Indian is allegedly cheated of ₹2,11,35,077 in an investment scheme promoted using Telegram and a fake website.
The complainant, a native of Kunnathunadu in Kerala’s Ernakulam district, allegedly clicked on an online link related to Handtec Markets before being added to an investment-related Telegram group.
Police say the group members pretended to offer an investment opportunity before sending another link that supposedly came from Handtec Markets Global LTD. The link took him to a website.
The complainant was given access credentials and guided through the investment process. He thought he was dealing with a genuine forex trading platform, the report said.
Kerala Fake Forex Trading Scam Began With Handtec Markets Links
The complainant told police he had seen the first link before joining the Telegram group. The accused allegedly showed him the website through the second link.
The report does not say whether Handtec Markets or Handtec Markets Global LTD was connected to the website. He had seen their names in links that were shared with him.
The complainant started moving money out of his bank accounts in October 2025, investigators said. The bank accounts nominated by the accused were paid repeatedly.
The amount transferred in all was ₹2,11,35,077 or more than ₹2.11 crore. The report does not say how many transactions were made or how much money was transferred in each case.
The alleged fraud was uncovered when the complainant tried to withdraw his investment and the profits he thought he had made. The original investment and promised returns were not revealed.
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Ernakulam Rural Cyber Crime Police Register Case
The Ernakulam Rural Cyber Crime Police registered a case on Wednesday based on a complaint from a friend of the US-based non-resident Indian.
The case has been registered against unidentified persons under the provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. No details of the specific legal provisions were revealed.
Police are reviewing the financial transactions and pursuing the bank accounts that received the transfers. Investigators are trying to freeze the recipient accounts in an effort to recover the money.
The inquiry is seeking to identify account holders and to find out how the money travelled after leaving the complainant’s bank accounts. The account provided does not mention any arrests.
Delayed Reporting Could Complicate Recovery of ₹2.11 Crore
Investigators said the delay in reporting the suspected fraud may make it more difficult to recover the money. Transfers through multiple bank accounts have complicated tracing efforts.
The case underscores how alleged investment fraud may take advantage of messaging apps and websites that imitate legitimate financial services, potentially enticing investors to trust unverified platforms.
The investigation has not, so far, identified the alleged operators, the ownership of the website or who controls the recipient bank accounts.
Sprouts News will continue to monitor the Kerala Police investigation into the alleged forex trading fraud, identify the likely culprits and work toward tracing the money moved.
The recovery will depend on the results of the investigation and the balance of funds in the recipient accounts. Police have not given a recovery figure or timeline.
