How to create this squelsh like psy sound...?

I can't listen to your sample at the moment but if it's what I think it is then it's quite a simple technique really.

You'll want to start with a saw based sound, so either a raw saw or a hyper saw which you can tweak for character.

You will also want this going through a band pass filter.

You'll then want to assign an LFO to modulate the pitch of your occilators, and an LFO to modulate the cut off of your band pass filter. You could do this with the same LFO but I prefer to use two separate ones for full control over their movements. The modulation on the pitch and cut off will want to be going in opposite directions, so if you're using the same LFO to control both one will have to have negative amount which the other positive. If you use different LFOs I'd recommend them being the same shape and rate for the typical Psy Trance squelch, but I dare say you can probably get interesting effects by breaking this rule!

I like to set the modulation amount to full positive and full negative for the occilator pitch, if not also the cut off rate. You will need to play with the cut off position some to get the sound you want and you will probably want to play with the trigger phase of the LFOs, this is where using independent LFOs come in handy as you can get more control over the pitch and band pass cut off relationship.

This should get you the basic sound anyways, you'll wanna play with other parts of the virus to tweak the sound to your taste but the above should certainly get you started.