Indian Police Bust 'UnityFXLive' Forex Scam, Clients May Have Lost $350,000+

On August 4, Indian police announced the crackdown on an illegal forex trading syndicate and arrested two suspects.

According to the police, the two arrested are Sunil Laxman Gar, 26, and Ashishkumar Lalmanraam Jaiswar, 36, who, upon interrogation, revealed a third person associated with the case, Rohit Chandrakant Kadam, the fugitive mastermind behind the group.

According to Indian police, the forex fraudsters were offering trading services to people under the name “UnityFXLive.com”. They rented an office in Goregaon and ran the scam through fake forex investment schemes, stealing money via fake online trading platforms.

In the website “UnityFXLive.com” operated by the fraudsters, the police found 1,545 accounts listed in the backend, of which 245 were active. Besides, the administration panel showed users depositing $358,508.32 and withdrawing $137,900.93.

During the arrests, police seized several laptops and mobile phones, and found WhatsApp chat, scam scripts and other content from these devices. In addition, the police also found that the suspects used AnyDesk and Skype to remotely control the victim's devices.

BrokersView reminds you

Serious fraud risks usually lurk behind unregulated forex trading platforms. Therefore, investors are advised to double-check the financial regulatory status of the platforms and brokers before accepting forex trading services to avoid being scammed.