Binary Trading Scam Busted

What is a binary option?

A binary option is a financial instrument that turns every trade into a simple yes or no question – you decide whether a market is likely to be above a certain price, at a certain time. If you think it will be, you buy. If you think it won’t be, you sell.

The Operation

The Delhi Police Cyber Cell Division busted an investment fraud operation. The scammers were using Instagram to dupe unsuspecting victims into a ‘Binary trading’ scam. Police arrested 3 individuals including a woman and a teen-ager.
According to the Deputy Commissioner of Police KPS Malhotra, the scammers were running a campaign named ‘profit mania’ where they tricked victims into fraudulent investments with videos of celebrities and social media influencers.

Operating out of Chhabra, Rajasthan, Devendra Choudhary (44) was the key suspect with choudhary’s wife also being involved.

Scam Busted

The Cyber Cell became aware of this groups operation when they came across an Instagram page named ‘Profit Mania’. Where it showed pictures of binary trades being made. Upon contact, the page owner introduced himself as Deepak Sahu and attempted to convince an investment with him saying they would make their money back “three times in no time”. The victim scanned QR code in the name of Devendra, which was sent to him on Instagram. After that, the owner of the Instagram page stopped replying to his messages and he realized that he had been scammed.

“During investigation it was found that over 12 million Rupees were credited to Choudhary’s account. Which is almost $16k USD. The Instagram account was in the name of the suspect teenager, who used to chat with innocent people and then shared different UPI ID or QR codes to accept payment in the name of investment,” Malhotra said.

According to Police, using social media platforms such as Facebook and Instagram to commit these frauds is becoming more and more prevalent. Investment scams are one of the most common types. Using these platforms with catchy names they dupe victims into giving money in the hopes of quick returns and large paydays.

The teenager was handed over to his mother. Other victims of this fraud are also being identified.

A note from Boda.

If you ever wish to start trading or investing in crypto currencies, you should always do your due diligence. Research the best platforms, investigate posted reviews and never give money to an individual with only their promise to back up their claim. Use reputable websites and invest minimal amounts that you are willing to lose.

Check out the past featured scambaiters who fight these guys HERE