forex scams in india

May 8, the Cyber Crime wing of Cyberabad police received a complaint from one Swetha, a resident of Rajendranagar, who claimed she had invested.92 lakh after contacting the culprits over phone. Police said they arrested, shahnawaz Abdul Rehman Lakhani, Alok Pawar, Niket Shetty, Nawaz Ansari, from their call centre in Mumbai based on mobile phone tower location and other scientific evidence. According to local media, the gang told some of those who invested that it would be possible to increase their initial investment by multiples of three or four. After a month, the victim, on verification of the trading status, found she had earned.18 lakh profit in her account. Later, he started his own company in July 2017 and started to employee telecallers to earn easy money. The accused used to make the victims pay money through unauthorised means like hawala and cite reasons like avoiding taxes, police in Hyderabad told the. The victim was given a user ID, a login password and IP number for viewing trade, reportedly carried out using MetaTrader4 software application. Patra claims that other alleged victims may have lost up to INR 30,000 between them. Four men from India have been arrested as part of a crackdown against foreign exchange fraud by Indian law enforcement officials. M has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign.

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Shanawaz used to collect information of people interested in share marketing from various data providers like and send bulk messages to them by assuring huge profits in online forex trading in a short time, Sajjanar added. At the end of last month, for example, an Indian website design professional, also from Gujarat, was taken into custody by police forex currency rates live in Hyderabad after he allegedly scammed an investor out of INR 200,282,90, equivalent to more than USD 287,000 or GBP 220,000. The gang members used to deposit the money in a fake account to win the trust of people, said Anup Sahu, Deputy Commissioner of Police for the city of Bhubaneswar in the Indian state of Odisha. He also said that the gang then went cold, leading to the arousal of suspicions. However, one statement from an alleged victim even claims that the gang told him he could earn back hundreds of times the amount he invested. According to the police, Shanawaz, a commerce graduate from Palghar. India has a major problem with internet-based financial product scams, and this is far from the first such incident in recent times. A police spokesperson in the area also released a statement confirming the allegations: Preliminary investigation reveals that the gang had collected money in Indian currency and later used it to purchase foreign currencies.