New Police Complaint Filed in ₹20 Billion Forex Scam: Victim Reports ₹440K Loss
The key suspects in a massive ₹20 billion pan-India forex and cyber fraud have landed in mounting legal troubles following a victim complaint filed in the Hinjawadi Police on Monday. The accused, Ajay Arya and Saurabh Chawla, alleged masterminds behind schemes run under the names Cappmorefx and Teachable Tech, are facing further charges.
The complainant is a businessman, reporting that he had been misled by the duo’s promotional content on YouTube. According to police, the businessman first met the accused on 21 January 2023 after following their YouTube channel, Cappmorefx, which promoted seemingly lucrative trading tips.
The businessman met one of the accused at Hotel Tip Top International in Wakad, where he handed over ₹45,000 in cash to open a trading account. A virtual trading account was created, with dollar figures regularly reflecting on the account dashboard.
Later, at a seminar in Solapur, the victim was persuaded to invest an additional ₹3,98,500. After the funds were transferred, his trading account saw no further activity, and both suspects went unreachable.
Authorities link Arya and Chawla to a wider multi-level marketing (MLM) network involving aggressive marketing tactics via Instagram and promotion of fake trading platforms. The scam, which spanned several states in India, promised unrealistic returns of 200–300% and is tied to thousands of cybercrime complaints. Early investors were paid out to build credibility before the scheme collapsed in mid-2023.
Cappmorefx’s Instagram profile
Recent raids led by the Rajasthan Police have seized luxury vehicles, digital evidence, and large sums of cash tied to scam proceeds. Arya has been arrested and is currently in custody, while further legal action against Chawla and others is ongoing.
Senior Police Inspector Balaji Pandhare, in charge at Hinjawadi Police Station, has confirmed that charges have been filed against the duo. The investigation is ongoing.
BrokersView has labeled Cappmorefx as a Scam.
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