Indian Police Investigate WinProFX Over Suspected Global Investment Scam Affecting 193,000 Users

In May, BrokersView reported on a disturbing complaint involving offshore forex broker WinProFX, after a client claimed the platform stopped responding following a withdrawal request, leaving more than $20,000 inaccessible.

Now, those concerns appear to have escalated into a criminal investigation.

According to The Times of India, Indian police have launched a major investigation into WinProFX, alleging that the platform may be at the center of a large-scale international investment fraud involving nearly 193,000 registered users across more than 100 countries.

The investigation began after an investor in Ahmedabad reported losing Rs 1.91 million (approximately US$22,000) in an alleged cyber fraud. However, investigators believe this complaint may represent only a small portion of the platform's overall operations, with potential losses running into multiple crores of rupees.

Technical Operator Arrested

Ahmedabad police have arrested 26-year-old Kumar Mangalam, a computer science graduate from Bihar, accusing him of managing key technical operations for WinProFX.

According to investigators, Mangalam allegedly maintained the platform's website, created promotional content, and earned commissions through referral codes designed to attract new investors.

Authorities seized an iPhone, iPad, and MacBook during the arrest and are conducting forensic examinations of the devices as part of the ongoing investigation.

Investors Shown Fake Profits, But Unable to Withdraw

Police allege that WinProFX promoted itself as a sophisticated investment platform offering trading opportunities in: Forex, Cryptocurrencies, Gold and silver, Commodities, and Stock indices.

Through aggressive online advertising, social media campaigns, and promotional videos promising exceptionally high returns, the platform reportedly attracted investors worldwide.

According to investigators, users' dashboards displayed rapidly increasing account balances and impressive profits designed to encourage additional deposits.

However, when investors attempted to withdraw either their profits or even their original capital, withdrawals allegedly failed. In many cases, communication from the platform reportedly ceased once withdrawal requests were submitted.

The pattern closely resembles the complaint previously received by BrokersView, in which a client claimed WinProFX became completely unresponsive after requesting a withdrawal.

Police say WinProFX accumulated nearly 193,000 registered users across approximately 100 countries, including: India, United Arab Emirates, Pakistan, United States, Bangladesh, Vietnam, Afghanistan, and United Kingdom.

Given the platform's international reach and the volume of deposits believed to have flowed through it, investigators suspect the total amount involved could be substantially larger than currently documented.

Authorities also believe investor funds were accepted in both Indian Rupees and USDT (Tether).

Police are now tracing cryptocurrency wallets, analyzing digital evidence, reviewing call data records, and following money trails that may involve suspected mule accounts.

Investigators are also examining the role of the platform's promoters and possible links to a Pakistani national. Authorities expect additional victims to come forward as the investigation progresses.

Registered in Saint Lucia—But Unregulated

BrokersView's own review found that WinProFX claims to be a financial services company registered in Saint Lucia. However, the broker does not hold a recognized financial regulatory license, nor does it disclose any valid regulatory authorization on its official website.

Instead, the website provides only a Saint Lucia business address without offering evidence of supervision by any financial regulator.

Police also confirmed that WinProFX is registered in Saint Lucia, yet was not authorized to offer investment services in India despite accepting deposits from Indian residents.

BrokersView Reminder

Before depositing funds with any forex or cryptocurrency platform, investors should always verify whether the broker is licensed by a reputable financial regulator and remain cautious of promises of unusually high returns combined with offshore registration and a lack of regulatory oversight.

BrokersView advises investors that if a dispute cannot be resolved, clients may consider filing a complaint through the broker's official complaint process or, where applicable, with the relevant financial regulatory body that oversees the broker's licensed entity.