Two IndianInvestors Fall Victim to Forex Scams, Losing over ₹3.85 Million

According to local media, Indian police have recently received several reports of forex investment scams, with several victims transferring funds to scammers for participating in foreign exchange trading, resulting in losses totaling ₹3.85 million.

A report from 33-year-old woman Aruna reveals the deception by Aaradhya, who claimed to be the CEO of Abhiram Exports. Aruna said she was lured into a forex scam and lost ₹1.15 million.

According to the victim, between November 19, 2024, and April 18, 2025, she transferred a total of ₹1.15 million to multiple bank accounts, driven by her trust in Aaradhya and the promise of a “high-yield” foreign exchange investment that Aaradhya had promoted. However, Aaradhya neither invested the funds in any trading company nor engaged in any forex investment activities, and ultimately failed to return the money to Aruna.

In another forex scam case, a senior official from India's Union Health Ministry was defrauded of ₹2.7 million.

According to the Indian news agency ANI, the victim was targeted by a scammer in July 2023. The fraudster claimed to be a forex traders and persuaded the victim to join his investment scheme, promising to return double the profits after one year. Under the enticement, the official transferred ₹2.7 million to him but received no returns.

It is reported that Indian police detained the suspect on August 11.

Additionally, Indian authorities are intensifying efforts to crack down on unlicensed forex brokers. On July 18, Tauga Private Limited agreed to pay ₹3.2 million to the Securities and Exchange Board of India (SEBI) to settle charges related to its alleged involvement with the unauthorized forex platform OctaFX.

BrokersView reminds you

Social media platforms are flooded with various “risk-free” investment offers, leading unsuspecting investors to mistakenly regard unverified online information as reliable suggestions. Under such circumstances, numerous scammers pose as investment experts, luring investors with unrealistic returns and defrauding them of their funds, leaving them empty-handed.

Investors should exercise extreme caution when dealing with entities or individuals that have no financial services authorization, and be cautious about engaging in forex trading without the protection of regulatory bodies to avoid scams.

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