Indian Police Hunt Underway for Suspects in SVPS Group’s ₹4 Million Forex Scam Case

Two residents of Ghansoli, India, have fallen victim to a forex trading scam, losing a total of ₹4 million to a group of fraudsters who promised high returns through investments in the forex market.

The Police have registered a case against the accused Sachin Dongre and Vikas Nikam. According to investigators, Dongre and Nikam operated under the name SVPS Group, which set up an office in Mahape in 2023. They allegedly enticed investors by claiming to invest through JKV Global, a Dubai-based entity, promising profits of up to 70%, while retaining 30% as commission. They also falsely assured that the firm would bear any trading losses.

One of the victims invested ₹2 million—savings earmarked for her daughters’ education and wedding—while another invested the same amount based on the group’s promises. The accused reportedly falsely portrayed profitable trades. However, as soon as investors sought access to their trading accounts and financial records, the suspects ceased communication, shut down their office, and disappeared.

Indian authorities suspect that the group may have defrauded multiple individuals across Navi Mumbai using similar tactics. The public is urged to exercise caution before investing and to verify the credentials of any such schemes.

This case adds to a growing list of sophisticated forex-related scams in India. In one recent incident, a textile factory owner lost ₹4.383 million to a forex scheme involving a fake FP Markets trading site. In another, police in Thane has arrested the primary suspect behind a ₹71.4 million forex scam that surfaced nearly three years ago.

If you suspect you have fallen victim to forex fraud, you can Submit a Complaint to BrokersView.