₹4.26 Million Trading Scam Exposes Familiar Fraud Pattern of Fake Apps and Forged Profits

A businessman in Varanasi, India, has lost ₹4.26 million after being lured into a fabricated online trading scheme.

Police said the victim, who had saved the money for his daughter’s wedding, was targeted in February 2025 by callers claiming to represent a company named “Pure Profit Company” based in Jaipur. The scammers used phony trading apps, forged balance sheets, and fake profit screenshots to convince him that his investments were generating extraordinary returns.

The victim was first asked to deposit ₹100,000 into an app called “Munjal One Trading”, then directed to another app, “Capital Monk”, which displayed fabricated profit graphs and transaction logs. 

Within weeks, the scammers claimed his account showed profits of ₹18 million but demanded a 30% “profit clearance charge”, nearly ₹3.5 million, before releasing funds. Instead of official company accounts, payments were routed to a personal savings account, a clear red flag.

The fraudsters further pressured the victim by falsely claiming that the Central Depository Services (CDSL) had blocked payouts, urging quick payments. Ultimately, ₹4.26 million was siphoned off through multiple transfers.

When the victim and his family visited Jaipur to verify the firm’s address, they found no office, signage, or evidence that “Pure Profit Company” existed.

Cybercrime officials warn that this case reflects a part of a larger racket using fake trading apps, forged documents, and scripted calls to exploit investors. 

BrokersView urges investors to verify regulatory status, avoid personal account transfers, and distrust promises of guaranteed high returns. Report trading scams by submitting a complaint.