₹9.3 Million ICON Forex Scam Exposed: High‑Return Trap, Bogus Withdrawal Charges, and Recovery Fraud

A 52-year-old Bengaluru, India, man has reportedly lost ₹9.257 million in a sophisticated online forex trading scam that exploited promises of high returns and fabricated withdrawal charges.

The victim was first contacted by a man calling himself Ramalo Jodara, who persuaded him to invest in a platform named ICON Forex. He initially deposited ₹88,000 to open an account, but was gradually convinced to transfer larger sums, eventually investing ₹2.321 million.

When he attempted to withdraw his supposed profits, the fraudsters demanded a series of payments disguised as “CCT track charges,” “penalties,” and “GST”. 

According to the FIR filed on November 10, another individual named Pankaj later approached the victim, claiming he could help recover the funds. Pankaj introduced him to Mahesh, who allegedly demanded ₹2.912 million in “tax” along with 10% of the profit to release the investment.

The victim made multiple transfers between August 20 and November, draining a total of ₹9.257 million from his bank accounts. No profits or refunds ever materialised, and he eventually realised he had been defrauded.

The North CEN Crime Police have registered a case and are investigating the individuals and websites involved. 

BrokersView’s Investigation

We identified a website operating under the name IconFX, which may be linked to the recent case. Verification checks suggest that IconFX is an unregulated broker and appears to be misusing the regulatory information of a Seychelles Financial Services Authority (FSA)-licensed entity.

IconFX claims affiliation with MYFX GROUP LIMITED and displays identical regulatory details to MYFX Markets. However, MYFX Markets’ official legal disclosure does not refer to Icon Tech LLC. Further, Icon Tech LLC does not appear in the Seychelles FSA’s registry, and the only approved domain of the regulated MYFX Group does not include https://iconfx.com.

These findings suggest that IconFX is falsely claiming regulation and a legitimate association. Regardless of whether https://iconfx.com is directly involved in this case, we strongly advise staying away from the IconFX platform.

BrokersView Reminds You

This case highlights classic tactics in fraudulent forex schemes: fraudsters used fake identities to contact victims and build trust, victims were pressured into repeated payments under the guise of “fees” and “taxes”, and recovery scams followed the initial fraud, demanding more money.

Report any suspected forex fraud to BrokersView for public exposure.