Rs 15 Million Lost in "Dupoin Market App" Scam Driven by Facebook "Friend" Request and Fake Forex Investment
A 57-year-old businessman from Hyderabad, India, fell for an online forex trading scam conducted through social media and a mobile trading application and was defrauded of Rs 15 million.
How the Scam Unfolded
According to the complaint, the victim was first contacted in May 2025 via Facebook by a woman identifying herself as Khushi Sharma. After sending multiple friend requests, Sharma gained his trust by presenting herself as connected to Bokaro Steel City and the Rani Sati Group.
The victim reported that Sharma persuaded him to download the “Dupoin Market App” using her invitation code, promising to trade forex on his behalf and deliver high returns. Communication later shifted to WhatsApp, where she shared a download link and guided him through transactions.
The businessman initially invested Rs 43,500 (500 USDT). The app allegedly displayed fake profits in his wallet to build confidence, leading him to invest further. Eventually, his account showed a total value of Rs 21,562,425 (226,972 USDT).
However, when he attempted to withdraw funds, he was asked to pay Rs 6.5 million for “VIP access”, Rs 4.1 million as a “guarantee fee”, and additional charges under the guise of income tax, anti-money laundering compliance, and platform usage fees.
The victim realized he had been cheated only after all contact was cut off. He claims to have invested a total of Rs 15,267,778 across 46 transactions, without receiving any returns or profits.
BrokersView Reminds You
Be cautious of unsolicited contacts on social media. Fraudsters often use fake profiles to build trust. Never trust trading apps shared via unofficial links. Always verify platforms through regulatory authorities.
Beware of “fees” for withdrawals. Legitimate brokers do not demand VIP access charges, compliance payments, or other fees to release funds.
Related Reading:
- Large-Scale Digital Asset And Forex Investment Fraud in Northern India Involves Private Firm Using Social Media, Meetings, and Advertising to Lure Investors
- Forex Scam Alert: Fake Platform 'Digital RealtyV' Defrauds RM466,000
- ₹9.3 Million ICON Forex Scam Exposed: High‑Return Trap, Bogus Withdrawal Charges, and Recovery Fraud
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