The Uttar Pradesh Special Task Force (STF) has exposed two significant investment fraud schemes that collectively scammed investors out of ₹800 crore (approximately $96 million USD). The first suspect, Rupesh Bhardwaj, was arrested in Gurugram for promising high returns in the stock market through a non-registered firm, X Traders Enterprises. He allegedly used fake share certificates to lure investors and had multiple complaints against him across several Indian states.

The second case, led by Jatindra Ram, involved a more extensive operation through his company, Sea Prime Capital. This scheme promised high returns in cryptocurrency and USDT, employing over 3,500 agents and creating more than 30,000 user accounts. The STF revealed that the fraudsters used an unauthorized trading app called MT-5 to fabricate profits and build investor trust through initial payouts. Funds were subsequently converted into cryptocurrency and transferred to accounts in Dubai and Mauritius, complicating recovery efforts.

These scams highlight a troubling trend in organized and digital fraud targeting retail investors, emphasizing the need for vigilance against unrealistic investment promises.