$1.7M Forex Scam Busted by India Police, Two Suspects Arrested

Indian police have arrested two suspects in a $1.7M forex scam from 70,000 victims. The two suspects, Syed Ali Hussain from Chidambaram and Syed Abu Thahir from Teynampet, had created two websites namely www.deltinfx.com and www.deltiniternationalsolutions.com. 

The FX scam was found under the police's investigation from a victim named Ashok Kumar, who filed a complaint with the Central Crime Branch(CCB) after he lost about $15,000.

The forex scam has been running for at least 2019. During the interrogation, the two suspects, aged 34 and 41, admitted to using Voice over Internet Protocol (VOIP) to call the unsuspecting victims and lure them to the scheme by promising them huge returns.

Rather than trade, the money invested was eventually routed to Thahir and Ali Hussain's bank accounts. The bulk of the victims funds were used to pay for personal expenses, and to make Ponzi-type payments to other pool participants.

After the arrest, the Chennai Cyber Crime Cell Police advised the public against using unverified companies for Forex trading. As a way of exercising caution, the public is advised to conduct due diligence before investing their hard-earned money on schemes promising huge returns.