High-Value Online Trading Fraud Exposed as TENCORE Platform Used to Divert Over Rs 13.72 Lakh Through Staged Profits, Shell Accounts, and Layered Transfers

A high-value online trading fraud has been uncovered, with law enforcement investigating a case in which over Rs 13.72 lakh was siphoned through a fake investment platform. Authorities are focusing on the syndicate’s use of deceptive trading apps, staged profits, and complex fund transfers to evade detection.

Fraud Mechanics and Fund Flow

Investigators report that the victim was initially contacted via WhatsApp by a group called “B-53 Wealth Academy,” operated by an individual identifying himself as Praveen Patel. The group regularly circulated stock tips and investment guidance. Patel introduced the complainant to a platform named TENCORE under the Qualified Institutional Buyer (QIB) category. A facilitator, Chris Harper, assisted in setting up the account.

The victim made an initial investment of Rs 50,000 on October 6, 2025, and was shown fabricated profits of Rs 6,500 within two days, with a small withdrawal of Rs 1,500 allowed to build confidence. Encouraged, he transferred Rs 1,00,000 on October 19, which, according to the app, grew to Rs 3,25,000 based on Patel’s trading suggestions. Subsequently, he was persuaded to invest in 182 shares, encountering a “technical error” that allegedly required additional payments. Between October 20 and 27, the victim transferred further sums to shell accounts, including Rs 1,07,000, Rs 3,04,000 to HIFERK Technologies, Rs 1,00,000 via UPI, Rs 3,07,000 via RTGS, and Rs 4,04,586 to SK Enterprise. The app displayed profits exceeding 200%, but withdrawals were blocked under pretexts of taxes and technical errors, revealing the scheme.

Law Enforcement Response

A formal case was registered with police. Officers are tracing the full chain of transfers, analyzing digital communications, and working to link shell accounts to the organizers. The investigation is focusing on identifying additional accomplices and recovering defrauded funds. Authorities note the operation exhibits classic staged-profit tactics and layered fund routing to obscure ownership, consistent with previous BrokersView investigations into online trading and investment scams.