Kochi: An expatriate Malayali from Kochi has allegedly lost more than ₹2.11 crore in an online forex and stock market trading scam after falling prey to a fraudulent investment platform operated through Telegram groups and a fake trading website.

The Ernakulam Rural Cyber Crime Police have registered a case after the 41-year-old, a native of Kunnathunad who is currently working in Dubai, was allegedly cheated of ₹2,11,35,077 by an unidentified gang posing as representatives of a stock market intermediary.

According to the FIR, the fraud took place between October 9 and November 26, 2025. The case was registered on November 11 under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), pertaining to cheating and dishonestly inducing delivery of property, and Section 66(D) of the Information Technology Act, which deals with cheating by personation using computer resources.

As the victim is currently abroad, his friend in Keralam approached the Ernakulam Rural Cyber Crime Police Station and lodged the complaint on his behalf.

The victim, a resident of Rayamangalam in Kunnathunad, came across an online advertisement for a company named ‘Handtec Markets’ while browsing the internet in October 2025. The advertisement allegedly projected the company as a stock market intermediary capable of generating substantial returns through a special trading strategy, with little or no risk of losses.

After clicking on the advertisement, he was added to a Telegram group, where the operators allegedly persuaded him to invest by claiming that they dealt exclusively in prominent, high-return stocks and had a proven record of delivering substantial profits to investors.

The fraudsters subsequently shared a link purportedly belonging to ‘Handtec Markets Global LTD’. The link redirected him to a fake forex trading platform, where he received a user ID and password to access his account.

The website reportedly featured a trading dashboard resembling a genuine stock market platform. It displayed his supposed investments and showed their values rising sharply, creating the impression that his money was generating substantial returns.

Convinced by the apparent profits, he transferred money in multiple instalments to several bank accounts shared by the operators through a Telegram channel linked to an Indian mobile number.

He eventually transferred a total of ₹2,11,35,077 from his bank accounts, the FIR states.

However, when he attempted to withdraw the accumulated profits, he found that the money could not be withdrawn through the platform. Neither the promised returns nor his original investment was returned. The operators allegedly stopped responding to his messages on Telegram after he sought the withdrawal of his funds.

Sources said that the police have identified at least four bank accounts allegedly used to receive the money transferred by the victim. Investigators are issuing notices to the respective banks to obtain account details, identify the account holders and trace the movement of the funds.

The police suspect that the accounts could be mule accounts operated as part of an organised cybercrime network. Preliminary assessments point towards the possible involvement of a North Indian cybercrime syndicate, though the identities of the accused are yet to be established.

Investigators are also examining the Telegram channel, the links shared with the victim and the fake trading portal to establish the network behind the operation and identify those who handled the money.