Fake Forex Platform Impersonates IronFX, Scams ₹49 Million

Recently, a real estate businessman from India lost ₹49 million in an online forex investment scam. The fraudsters allegedly used a website whose URL is highly similar to that of the compliant broker IronFX.

The 55-year-old victim stated that in June this year, he be friended with a woman claiming to be “Monica” on WhatsApp. Monica introduced herself as an expert in cryptocurrency and forex trading.

After becoming acquainted, Monica sent the victim a website (m.ironfxsvip.vip), persuading him to invest in cryptocurrency and forex together, and promising to trade on his behalf.

On July 3, the victim decided to give it a try and deposited ₹50,000 into the “IronFX” platform via his cryptocurrency account. Shortly thereafter, the platform displayed a staggering profit of 24%, dispelling his suspicions.

Over the following week, he invested an additional ₹15 million and watched “profits” exceeding ₹35 million.

The truth finally emerged when the victim attempted to withdraw funds. Upon requesting Monica to transfer profits to his cryptocurrency account, he was demanded to pay ₹14 million in taxes and ₹18 million for a VIP upgrade.

The victim stated that after paying the VIP fee, his trading account immediately showed an additional ₹18 million balance, leading him to mistakenly believe the funds had genuinely entered his account.

Between July 3 and August 22, the businessman invested a total of ₹48.7 million into the fraudulent platform, some of which he had borrowed from family.

His withdrawal requests were repeatedly denied, and he was even asked to pay another ₹25 million. Finally, he approached to local police this Monday.

BrokersView Reminds you

To gain investor trust, many fraudulent forex brokers falsely claim or imply they are reputable, compliant financial firms.

To avoid falling into impostors' traps, investors are advised to verify regulated brokers' websites and regulatory status through BrokersView to ensure fund security.