Retiree Loses Over Rs 22 Million in FXROAD Impersonation Scam

A 64-year-old retiree of Bengaluru lost more than Rs 22 million to cybercriminals posing as investment advisors offering high returns through a fake trading platform.

In January, the victim encountered a Facebook post promoting an investment scheme promising monthly returns of Rs 80,000 to Rs 120,000 on an initial deposit of Rs 21,000. After clicking the link, he was added to a WhatsApp group where fraudsters guided him to register on a webpage of a company named “FXROAD.”

He submitted personal documents to get registered, including his driving license, and transferred Rs 21,000 to a bank account provided by the scammers. On January 30, using the email “info@fxroad.com,” the scammers instructed him to invest in shares of Tesla, Microsoft, and Meta worth $10,000 (approx. Rs 930,000), which he paid via RTGS.

The fraudsters regularly displayed fictitious profits but blocked withdrawals, citing insufficient margin levels. They pressured him to make additional deposits to enable withdrawals. Between January 18 and June 6, he made multiple payments to various bank accounts, ultimately investing his retirement savings and proceeds from a property sale.

When withdrawal attempts continued to fail, he realized he had been defrauded. All communications during the scam came from international phone numbers.

BrokersView Reminds You

FXROAD is a licensed Securities Dealer under the Seychelles Financial Services Authority (FSA). According to its official disclosures, the broker’s verified email addresses are compliance@4squaresy.com and support@fxroad.com.

This case likely involves fraudulent impersonation, where scammers misused FXROAD’s branding via a deceptive webpage.

In a separate incident reported in July, a 60-year-old Hyderabad resident lost ₹5.743 million to a sophisticated online investment scam also linked to a platform named “FX Road.”

BrokersView urges investors to exercise caution when encountering investment ads on social media and to conduct thorough due diligence before transferring funds.

If you suspect fraud, Submit a Complaint via BrokersView.