Indian CID Busts ₹30 Million Investment Scam Impersonating CBOE Promoted on Telegram

India’s Criminal Investigation Department (CID) has arrested a suspect, Dinesh Jaiswal, for orchestrating a major investment scam that impersonated the Chicago Board Options Exchange (CBOE) and defrauded an Army officer of nearly ₹30 million through a fake trading platform promoted on Telegram.

CID officials revealed that Jaiswal used a Telegram channel posing as CBOE to lure the victim with promises of high returns from metal trading. Trusting the platform, the victim invested ₹29.8 million, nearly his entire savings.

Investigators traced the stolen funds to an IndusInd Bank account under the name Jaiswal Enterprises, an entity registered in Kolkata. The same account has now been linked to another investment scam worth ₹32.9 million, suggesting it may be part of a larger fraud network with international footprints.

The scam network reportedly involved fake trading platforms, impersonated financial brands, digital outreach via Telegram and WhatsApp, and laundering of funds through legitimate bank accounts under the guise of enterprise activity. 

The CID has urged investors to stay vigilant and avoid fake trading apps, Telegram channels, or WhatsApp groups that promise “guaranteed profits” or insider tips. Officials warn that scammers are increasingly impersonating trusted financial institutions to gain investor confidence. Therefore, verifying platform legitimacy before investing is critical.

Just yesterday, Belgium’s FSMA warned of fake investment ads on social media that often involve impersonation of well-known financial institutions, leading victims into WhatsApp groups promising high returns from “exclusive investment tips”. The CID case mirrors similar tactics.

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