Indian Police Investigate Fake Cryptocurrency Trading App 'My Victory Club'
On January 1, the Jaipur Zonal office of India's Directorate of Enforcement (ED) announced an investigation into the fraudulent investment trading application "My Victory Club," initiating search operations at seven locations.
According to the ED’s investigation, Digi Mudra Connect Private Limited and its directors Ravi Jain and Prakash Chand Jain are suspected of luring investors into a fraudulent investment scheme with promises of high returns, defrauding them of tens of millions of rupees.
Findings revealed that the two accused suspects, along with multiple accomplices, lured investors into investing in an application named "My Victory Club (MVC)." This app purportedly offered cryptocurrency trading services.
After downloading the app, investors created accounts using their personal information. Every sum they invested was displayed on the app’s interface alongside "daily returns." However, these victims never actually received any profits or returns.
Investigators discovered that the defrauded funds were transferred into bank accounts belonging to Digi Mudra Connect Private Limited’s promoters, directors, and their family members and agents.
The ED also uncovered that Ravi Jain, a key participant in the fraudulent investment scheme, is in Dubai, where he has invested illicit proceeds into real estate and other businesses.
On December 31, 2025, the ED conducted search operations at seven locations across the country. During these raids, authorities seized various incriminating documents, digital evidence, and 1.13 million Indian rupees in cash. Additionally, police uncovered real estate assets valued at tens of millions of rupees and approximately 3.8 million rupees in bank balance.
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Investors should be extremely wary of investment advice from unconventional sources to protect their funds and avoid scams.
If you are unsure whether a trading platform or investment opportunity is legitimate, you can ask Brokersview for a free assessment.
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