Millions Have Been Lost Due to the Forex Scam! Hope You are Not a Victim!

The black money trail from illegal forex trading activities is deepening its roots across India. It‘s not only committed by fraudulent brokers. It’s committed by even fishermen. Be it the infamous BotBro scam or the duping of a retired army colonel by a fisherman, forex scams refuse to stop. Weve listed out some forex scams that need attention.

The 29-year Old Fisherman Dupes Retired Army Colonel for 18.8 Lakh in Forex Scam

Its the most recent forex scam case that hit the headlines. Sreejith Rajendra, a 29-year-old Kerala-based resident, recently was nabbed by the Delhi Police on charges of defaulting a retired army colonel for an 18.8 lakh forex scam. Delhi Police nabbed him from his hometown after a thorough investigation.

8 Cyber Fraudsters Held for a 21-Crore Crypto & Forex Trading Scam in Srinagar

Srinagar police have uncovered a racket of cyber fraudsters who ran an illegal crypto and forex trading scheme that took out INR 21 crore from as many as 5,000 investors. The scheme, which remained active for one and a half years, promised investors guaranteed high returns. These fraudsters were accused of having enticed investors into investing a minimum of $300 each to receive such returns. They created fake web links and sent them to investors for account creation and transactions. Investors transferred money to several bank accounts under the impression that it was going to profitable forex and crypto schemes. However, the gang took control of the investors accounts without seeking their consent. Investors could not withdraw money, resulting in large complaints and police action.

Mumbai Police Busts a Fake Call Centre in Chunnabhatti

Mumbai Police recently uncovered an illegal forex trading scheme run by a fake call centre in Chunnabhatti. The police raided the centre and held Sohail Rafiq Solkhi, the key accused, while capturing electronic equipment and fake documents. Investors were told by the call centre that forex trading is more lucrative than stock markets. They invested through a specific trading application asking them to link their bank accounts with it and buy USDT, a digital currency pegged at the USD‘s value. While it showed significant profits initially, users’ credentials were blocked when attempting to withdraw their funds, sparking chaos and doubts.

Conclusion

These forex scams may not have a big name involved in them. However, it indicates the deepening roots of forex scams across India. There‘s nothing guaranteed in forex trading. Returns can go up or down depending on the trading volume and market scenario. Secondly, don’t trust any group or people. Trust only certified and approved brokers.