Indian Retired Banker Defrauded of ₹47.5 Million by Fake Forex Trading Platform Posing as Admiral Markets

In Ludhiana, India, a 57-year-old retired banker has lost a staggering ₹47.5 million after falling victim to a forex scam exploiting social media and digital manipulation to lure victims, which involves a fake trading platform and deceptive Telegram chats. The local police have arrested three individuals, including an IDFC Bank employee.

According to police reports, the suspects—Bhupinder Singh and Baldev Singh of Chandigarh, along with Gurjant Singh from village Satnana—employed a woman posing as a forex trader to approach the victim on social media. 

A trading platform impersonating Admiral Markets

The scammers then directed him to an illicit trading platform known as “Admiral Markets Global Ltd.”, fraudulently using the name of the legitimate forex broker Admiral Markets.

Using the Telegram alias “@199” to contact the victim, the fraudsters convinced him that the platform guaranteed triple returns on investments. Enticed by promises of high profits, he opened an account and began “trading”.

“Tax Payments” are required to withdraw “profits”

The victim’s account showed an accrued substantial ₹36.6 million in profits. However, each attempt to withdraw funds was met with demands for additional payments under the guise of taxes and clearance fees.

By December 18, 2024, he had transferred ₹14.4 million across multiple accounts. When he later deposited ₹2.4 million in supposed tax fees, he was told his account had been frozen due to exceeding ₹10 million in profits, requiring an additional ₹8 million to unlock the account.

In desperation, the victim continued transferring money, totalling ₹37.2 million between December 2024 and February 2025.

Several other suspects, believed to have operated the fake trading platform and managed the account laundering, remain at large.

Investigators suspect the arrested IDFC Bank employee facilitated illicit money transfers. Police officials anticipate further arrests and action to trace the siphoned funds, which were allegedly used for luxury goods, debt repayment, and possible real estate purchases.

Warning for Investors: Avoid Online Forex Schemes Promising High Returns

Telegram hosts numerous groups and individual accounts promoting fraudulent investment platforms that misuse the names and logos of reputable financial institutions to deceive investors. Among the frequently impersonated firms is Admiral Markets. The Financial Conduct Authority (FCA) has also issued a warning regarding a cloned website falsely operating under Admiral Markets’ identity.

BrokersView cautions investors against engaging in unsolicited investment offers promoted on social media, particularly those promising unrealistic returns with minimal risk. Investors are advised to conduct thorough verification of trading platforms to prevent impersonation scams and other types of financial scams.

If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.