An Indian Investor Got Fooled and Lost Lakhs in Forex Scam

Recently, an Indian investor traded in the forex trading market after getting a phone call promising him huge returns. He blindly invested money and lost Rs. 11.63 lakhs to the forex scammers.

According to the victim, the scammer called him and said he was from Meta Traders, a platform for investing and trading forex currency by mobile trading. The caller assured him that if he invested in forex trading, he would get high returns. The victim trusted the caller and agreed to send documents via WhatsApp as asked by the caller.

The caller then asked the victim to download an application, i.e., Meta Trader 5, from the Google Play Store and to log in with the ID and password given. The caller asked the victim to deposit Rs 50,000 in the given account to start trading. He deposited Rs 49,999 as required via Immediate Payment Service, an instant payment inter-bank digital funds transfer system. After he deposited the money, the app showed him a profit of $83.50 (approx. Rs 5,897), with Rs 4,600 transferred to the victims account the next day.

Again, the victim was asked to deposit Rs 50,000, and he deposited Rs 49,999. After that, he got a call from the company informing him that their senior official would call him soon. In the night, he got a call from the senior official and was told that he could secure a return of $25,000 (Rs 17.66 lakh) if he invested $15,000 (Rs 10.60 lakh). He was convinced and deposited the asked amount in the next two days.

But, this time, the victim did not get the promised returns. Then, he called the company to enquire, but only got empty promises. After some time, the company stopped receiving calls and switched off their phones. Soon, they deleted his account from WhatsApp.

Warm reminders:

Never trust any unknown callers even if their promises are attractive. Before trading with any broker, you should do an online search to review the broker first. An internet search can provide insights into whether negative comments could just be from a disgruntled trader or something more serious. A good supplement to this type of search is WikiFX. You can search over 23,800 global forex brokers regulatory information in its big database by typing the name of the broker.

Secondly, to make sure there are no complaints about not being able to withdraw funds. If there are, you can check the risk warning below the broker profile.

Thirdly, if you are already scammed but dont know how to protect your rights, you can submit your case on the WikiFX exposure section, a professional team will contact you and do their great effort to help you recover the lost fund.