Fake Trading App 'QuadcodeFX' Uses Pig Butchering Scam to Steal ₹4.68 Million

A 29-year-old Indian software engineer lost over ₹4.68 million due to a romance scam after being lured into a fake cryptocurrency trading app.

The victim reported to police that he browsed a matrimonial website in August and met someone claiming to be "A Keerthi." This person claimed to work in Singapore and wanted to settle in India after marriage.

A few days into their acquaintance, A Keerthi sent a link urging the victim to download a mobile application called "QuadcodeFX." He then began trading cryptocurrencies through this app.

Initially, persuaded by A Keerthi, the victim invested ₹50,000 and successfully withdrew a small amount. This withdrawal reinforced his trust in both the platform and A Keerthi.

Allegedly under emotional pressure and influenced by marriage promises, the engineer accepted "market tips" from A Keerthi's "uncle" and invested substantial funds into QuadcodeFX.

To fund these investments, the victim withdrew a ₹1,000,000 fixed deposit, took out additional loans, and even borrowed money from family members. Between August 28 and November 30, he deposited over ₹4.68 million into multiple bank accounts. When his trading account balance on the QuadcodeFX platform showed ₹120,000, the victim requested a withdrawal. However, customer service demanded additional ₹1.8 million in "taxes" before processing the withdrawal.

Realizing he had been defrauded, the victim reported the incident to the police.

BrokersView reminds you

Pig butchering scam often lures victims into transferring money or participating in fraudulent financial investments while gaining their trust, causing victims to suffer not only immense psychological distress but also severe financial losses.

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