Indian Businessman Falls Victim to 'Market Access' Forex Trading Scam, Loses ₹590,000

Recently, Indian police received a report related to a forex scam. The victim allegedly lost ₹590,000 to a fake forex trading platform named “Market Access.”

The victim, identified as businessman Vedpal Jindal, stated that he received a WhatsApp message on July 17 from an unknown number promoting forex trading.

Although initially reluctant to invest in forex, Jindal was eventually convinced by a woman identifying herself as Prach Sharma to join the 'Market Access' platform, transferring a capital of ₹40,000.

Jindal registered a trading account on a fake website provided by the scammer and made multiple transfers to a designated bank account for “deposits.”

At initial stage, the investor saw a profit of ₹8,000 on the website. However, he was unaware that this so-called “profit” was fabricated by the fraudsters to gain his trust.

After that, the victim made several transfers to the scammer, totaling ₹590,000. Meanwhile, his Market Access account showed staggering profits of ₹3.5 million.

When Jindal attempted to withdraw his profits, he was surprised to find that the withdrawal button had been disabled. At the same time, the platform demanded a tax payment of ₹783,000. After he refused to pay, the scammers abruptly cut off all communication.

Indian police are investigating the mobile numbers and bank accounts used by the fraudsters.

BrokersView reminds you

When selecting a forex trading platform, investors should verify whether the platform holds the necessary licenses and authorizations under local financial services regulations to avoid investment scams.

Investors should also exercise caution when encountering investment offers on social media platforms and other unconventional channels.

To check a forex broker's regulatory status, search the broker's name on BrokersView.