Indore (Madhya Pradesh): A man was duped of ?2.10 lakh in an online investment scam after fraudsters lured him into a social media group promising huge profits through international trading, police said on Tuesday.
According to Rajendra Nagar police station in-charge Neeraj Birthare, the complainant Sanjay Banwar, a resident of Kundan Nagar, reported that on October 30, 2025, he was added to a social media group titled Saxogrowth investment (world wide) .
The group administrator claimed that their team handled international market trading and used an Artificial Intelligence (AI)-based trading system capable of generating 100 per cent accurate profits.
Police said several members of the group regularly shared screenshots showing large profits, which created the impression that the investment scheme was genuine.
Banwar also interacted with some group members who claimed to have earned substantial returns, which convinced him to invest.
The fraudsters then helped him create accounts on two cryptocurrency platforms and asked him to transfer money through multiple UPI IDs for purchasing USDT cryptocurrency.
Trusting the claims, Banwar transferred over ?2.10 lakh in several transactions. After the payments, the accused showed a large profit in his digital wallet.
However, when he attempted to withdraw the amount, the transaction failed. His calls to the numbers provided by the group went unanswered and he later found that the numbers had been blocked.
Realising he had been cheated, Banwar approached the cyber cell and lodged a complaint. Police have begun an investigation and are trying to trace the accused.
Another man duped of ?1.49 lakh
In a separate incident, a resident of the Raoji Bazar area was duped of ?1.49 lakh in an online investment scam.
Police said a case has been registered against a suspect identified as Rajat Jha on the basis of his mobile number following a complaint by Sundaram Tiwari.
The complainant alleged that he received a call from the accused, who persuaded him to invest money in the share market by promising high returns.
Police said efforts are underway to identify and trace the accused through his mobile number.
