1.4 Billion Rupee Forex Scam Exposed: Founders of Indian Firm Advika Arrested

Last week, Vijayawada police announced the arrest of suspects linked to Advika Trading and Marketing Company, including Tadepalli Venkata Aditya and his wife, Tadepalli Sujatha, along with two agents, Gadamsetty Balakrishna Murthy and Naga Lakshmi.

According to the police, Aditya and his wife established Advika Trading and Marketing Company in 2022 with an initial capital of 1.5 million rupees and engaged in foreign exchange trading through multiple online platforms. With the assistance of agents Balakrishna Murthy and Nagalakshmi Kumari, the couple falsely promised investors a monthly return of 5%, thereby raising substantial funds from the public. Meanwhile, they offered agents commissions ranging from 3% to 4% for recruiting investors.

This fraudulent company, based in Vijayawada, India, operated under a model highly similar to a Ponzi scheme. It allegedly defrauded over 1,400 investors, causing losses of over 1.44 billion rupees.

Between 2022 and 2024, approximately 1,450 investors deposited over 4 billion rupees through Advika into platforms such as Cabana, Multi Banking Forex, and others. However, Advika abruptly collapsed, and its founder, Aditya, fled, leaving 1,150 investors and 25 agents to bear a loss of 1.44 billion rupees.

On June 26, the victim, Viramallu Ganesh Chandra, approached the police. This victim and his family allegedly invested 5.3 million rupees in Advika, but the company only returned 1.3 million rupees.

Investigators interviewed over 1,300 victims, gathered extensive digital evidence, and examined bank statements of the suspects and investors. Additionally, during the suspect's arrest, police seized 2.3 million rupees in cash, 580 grams of gold, 8.3 kilograms of silver, an SUV, and computers.

BrokersView reminds you

All investors are advised to verify the licenses of trading platforms and financial firms to ensure that they are authorized by local financial regulators before making any investment decisions. Unauthorized financial activities often carry a high risk of investment scams.

If you would like to find out the regulatory status of a trading platform, you can search for the platform's name in BrokersView.