Major Crackdown: MP STF Arrests 2 Individuals in Forex Scam Transactions Worth INR 2282 Cr

Madhya Pradeshs Special Task Force (STF) cracked down on two individuals - Deepak Sharma and Madan Mohan Kumar - involved in a massive forex investment scam associated with unregistered companies - Yorker Capital and Yorker FX. These two companies assured monthly returns of 6-8% through the BotBro trading platform, according to STF officials.

Complaints Registered Against the Accused in Indore

Special DG Pankaj Kumar Shrivastava and SP STF Indore Naveen Kumar Choudhary disclosed that the accused deceived many investors by luring them with high forex trading profits. According to MP Police Headquarters officials, Eshan Saluja, an Indore-based resident, filed a complaint. Based on the complaint, the police booked the accused under Sections 318 (4), 111, 61 of BNS 2023, and several other laws associated with prize chit funds and unregulated deposit schemes.

Shell Accounts Used to Collect Cash from Investors

The accused made small deposits in the bank accounts of Kindent Business Solution Pvt Ltd and Rainet Technology Pvt Ltd while obtaining cash worth INR 20.18 lakh from the complainant after arriving in Indore from Delhi. STF officials investigation found that Rainet and Kindent received around INR 1580 crore and INR 702 crore, respectively, from January 2023 to December 2024. The overall amount in question stands at INR 2,282 crore. None of the firms were registered with the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) as payment aggregators or Non-banking Financial Companies (NBFCs), according to the officials.

STF Freezes INR 90 Crore in More Than 20 Accounts

The STF officials froze INR 90 crore in 20+ suspicious bank accounts used by the accused to divert investor money and get it converted into US dollars using Meta-5 trading platforms. The officials claimed that the platforms link (botbro.biz) is made inactive now.

Heres a Factfile of the Two Accused

Deepak Sharma, a BA graduate, was working in a Delhi-based showroom to avoid suspicion for him. He flew to Indore from Delhi to commit fraud with Eshan Saluja. Investigations are on to track his foreign travel record, which may potentially reveal international links connected with the scam.

On the other hand, Madan Mohan Kumar, a commerce graduate with fluent English, lived a high-profile lifestyle to deepen ties with potential victims. He took up a private job in Delhi and was believed to be a core member of the fraudulent network. Police have started investigating his foreign travel history to detect possible money laundering activities.

Cases Registered in Maharashtra, Uttar Pradesh, Tamil Nadu & Other States

Twelve fraud cases have been registered against the companies involved in the scam across other states too - Uttar Pradesh, Maharashtra, Rajasthan, Assam, Tamil Nadu and Himachal Pradesh. The probe is on to find out potential international connections.