Online Trading Scam FXONET Exposed: Indian Woman Duped of over Rs 2 Million

A 39-year-old social worker from Bandra, India, was defrauded of Rs 2.345 million after falling victim to an online trading scam promoted through fraudulent endorsements by Bollywood actress Kareena Kapoor and singer Shreya Ghoshal.

A post by the victim on X publicly denouncing the FXONET scam

The victim encountered the scam on April 25, 2025, after clicking on a seemingly authentic online article posted on X (formerly Twitter). The article featured false endorsements from Kareena Kapoor and Shreya Ghoshal and directed her to the FXONET trading platform, where she was later approached by individuals posing as company representatives.

Using names such as Sasha, Sagar, Raghav, and Maya, the scammers persuaded her to invest. She initially deposited $232 (around Rs 20,000) and saw quick profits, successfully withdrawing Rs 0.163 million—a tactic commonly used to build trust. Encouraged by her early returns, she proceeded to invest larger sums.

However, when she attempted to withdraw the remaining balance, the scammers asked her to pay an additional Rs 1 million as a “processing fee” to unlock her profits. Realizing the fraud, she reported the incident to the Mumbai Cyber Cell.

The BKC Cyber Police have registered an FIR and initiated an investigation into the case. Senior Inspector Dattaram Chavan of the BKC Cyber Cell stated, “We are actively investigating this case and working with banks to trace the money trail. We urge citizens to exercise caution and avoid clicking on suspicious links or sharing personal information online.” 

Authorities are also collaborating with social media platforms to spot and delete fraudulent posts and accounts promoting scams like FXONET.

FXONET Review

FXONET, a self-proclaimed all-in-one CFD trading platform, claims to be authorized by the Mwali International Services Authority (MISA) with license number BFX2024049. 

However, our verification shows that FXONET's domain name does not match the approved domain name on the MISA registry. Therefore, FXONET may steal authorized company information to appear legitimate. In addition, please note that MISA is not a recognized regulator.

FXONET is unregulated, and Indian authorities have identified it as a scam. BrokersView urges traders to exercise extreme caution when encountering unsolicited investment offers provided by platforms like FXONET, particularly those showing celebrity endorsements or promises of quick, high returns.

Conducting thorough due diligence and verifying a broker’s legitimacy through official regulatory bodies is crucial before engaging in any financial transactions.

BrokersView offers a comprehensive guide to help traders verify the regulatory status of financial service providers. The guide enables traders to navigate relevant financial authorities based on firms’ operational locations and provides detailed instructions on the verification process.

If you've fallen victim to financial scams or faced potential fraudulent practices or misconduct at your brokers, reach out to us through Submit a Complaint. The BrokersView team is dedicated to exposing scams, raising investor awareness, and assisting with dispute resolution between traders and brokers free of charge.