Instagram Ad Leads to ₹5.7 Million Scam Linked to Trading Platform 'FX Road'

A 60-year-old resident of Hyderabad, India, has reportedly lost ₹5.743 million to a sophisticated online investment scam, allegedly involving a trading platform called ‘FX Road’. The victim was lured by a high-yield trading advertisement on Instagram and subsequently contacted by impersonators posing as the platform’s representatives.

FX Road’s Instagram profile and posts

The scammers convinced him to register, sign digital documents, and invest via credit cards and bank transfers. They claimed the money would be used to trade in crude oil, precious metals, tech stocks like Tesla, and cryptocurrencies. Early profits were fabricated to build trust. Under the pretense of “margin requirements” amid market volatility, the fraudsters coerced the victim into repeatedly depositing more funds.

To meet their demands, the victim borrowed ₹700,000–800,000 from Navi, took out a ₹1.75 million loan against a private bank’s savings policy. He was further pushed to arrange an additional ₹2.5–3.2 million before recognizing the fraud.

Police investigations further found forged documents and false claims associating the scammers with Tradebulls, a known investment firm. 

In this case, the scammers may have used the FX Road brand to execute the fraud. However, whether FX Road was complicit is unclear, as the platform’s regulatory status suggests risks.

BrokersView’s investigation reveals that FX Road is authorized by the Seychelles FSA as a Securities Dealer, but the FSA is considered a low-tier regulator with limited offshore oversight. 

Authorities are urging the public to verify any financial service provider’s registration with SEBI or other official regulators before investing and to avoid any online investment schemes promising high returns.

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