Two Arrested in ₹4.383 Million Forex Scam Involving Fake FP Markets Trading Site

An Indian textile factory owner was allegedly defrauded of ₹4.383 million by a group promising lucrative returns through forex and stock market investments.

The victim was introduced to the scheme in January 2024 by Bhavesh Dholariya, who claimed to have earned substantial profits via trading. At a meeting in February at Bhavesh’s Swastik Plaza office, the victim was shown a brokerage website related to FP market trading, likely a fraudulent imitation of the legitimate broker FP Markets.

Bhavesh assured an 8% return on a ₹100,000 investment in dollar-based trades. The victim was convinced to invest ₹100,000 and received access to the MetaTrader 4 and MetaTrader 5 platforms. $1,097 was credited to his account one month later, increasing his confidence. Encouraged, he invested ₹3 million more, which generated a return of $33,000 and was credited to his digital wallet. He was then persuaded to reinvest the amount in forex trading.

By August 2024, the victim suffered a loss of ₹1.15 million. When he raised concerns, Bhavesh introduced him to four others—Mukesh Ukani, Kishor Vaghasia, Rasik Siroya, and Mahesh Sheldiya—purported agents of "Super Nova Wealth Company," promoting a strategy known as Delta Hedging.

The victim later made further investments: ₹200,000 to Bhavesh, ₹1.05 million to Mahesh, and ₹700,000 to Mukesh. Of the ₹5.05 million total investment, only ₹667,000 was returned by Mahesh. The remaining ₹4.383 million have not been unreturned.

The police have registered a case and arrested Bhavesh and Kishor. A search is underway for the remaining suspects.

Before investing, always verify the legitimacy of the trading platform and avoid being swayed by promises of high returns. If you suspect that you have fallen for forex fraud, you can Submit a Complaint to BrokersView.