CappmoreFX presented itself as a legitimate forex trading platform, promising investors high returns with “automated trading systems” and “expert-managed accounts.” Its slick website, convincing social media presence, and testimonials made it look genuine.
But behind the polished front, CappmoreFX was a scam operating a classic Ponzi scheme.. Investors were lured in with small, quick profits at first, enough to build trust.
Then, as more people joined and invested larger sums, the platform suddenly froze withdrawals and disappeared, wiping out crores of rupees in investor funds across India.
How CappmoreFX Scam Worked?
At first glance, CappmoreFX looked like any other trading platform. It had a sleek website, a mobile app, and flashy dashboards showing trades and profits.
They even offered “copy trading” and investment plans, claiming anyone could make easy money, even if you were new to forex trading.
But here’s the catch: nothing they showed was real. CappmoreFX ran a Ponzi-style scheme, combined with what’s called dabba trading, meaning most of the trades didn’t happen on real markets.
Here’s how they operated:
- Fake Trading Dashboard: Users saw live trades and profits, but these were entirely fabricated.
- Ponzi Mechanism: Early investors got small “profits” that actually came from money deposited by newer users.
- Referral & MLM Network: Participants were incentivized to recruit friends and family, helping the scam spread faster.
- Social Media & Webinars: Instagram, YouTube, Telegram, and online seminars were used to lure people in and build trust.
Warning sign: CappmoreFX was not registered with SEBI or RBI, making it completely illegal.
CappmoreFX Scam: Reported Cases
CappmoreFX wasn’t just a small-time scam; it shook investors across the country.
Reports suggest that the platform duped people of over ₹2,000 crore, affecting individuals from multiple states including Karnataka, Maharashtra, and Rajasthan.
Victims came from all walks of life: business owners, retired professionals, and even homemakers. Some examples include:
- A businessman in Pune lost ₹4.4 lakh after trusting the platform’s promises.
- A retired official in Ahmedabad was duped of ₹2 lakh through WhatsApp communication.
- A woman from Mangaluru transferred ₹11.5 lakh to what she thought was a legit trading account.
These cases show a common pattern: CappmoreFX used fake trading dashboards, staged profits, and referral incentives to trap investors.
Mastermind Behind CappmoreFX Scam
The CappmoreFX scam was orchestrated by Ajay Arya, who masterminded the entire operation and deceived thousands of investors across India. Arya, along with his associates and family members, created a platform that looked legitimate but was designed to siphon off investors’ money.
Key Individuals Involved
- Ajay Arya – The main mastermind behind CappmoreFX, also associated with Teachable Tech.
- Saurabh Chawla – An associate involved in promotion and recruitment of investors.
- Deepak Arya – Ajay Arya’s relative, involved in running operations.
- Lajpat Arya – Ajay Arya’s father, implicated in the scam.
- Saloni Chawla – Wife of Saurabh Chawla, linked to the scam activities.
- Karamjit Singh, Baljit Singh, Rajendra Singh – Other associates connected to the fraudulent operations.
Legal Actions and Investigations
Ajay Arya and several of his associates were arrested following a raid on Arya’s residence in Sriganganagar, Rajasthan.
During the raids, authorities recovered luxury cars, cash, mobile devices, and documents linking them directly to the scam.
Investigations revealed that the group had defrauded investors of over ₹2,000 crore.
Despite the arrests, the scam continues to operate under a new name, ReturnsFX, indicating that the network is still active and attempting to lure unsuspecting investors.
This shows how these fraudulent setups often rebrand and resume operations to evade authorities, making it crucial for investors to remain vigilant and informed.
Are Similar Scams Still Active?
Yes — very much so.
While CappmoreFX is now exposed, similar schemes continue under new names, often copying the same tricks:
- Fake trading or crypto apps
- Telegram “signal groups” promising guaranteed profits
- Impersonation of real brokers or government-backed programs
- Offers of “AI trading bots” or “copy trading with guaranteed income”
Always remember: If it sounds too good to be true, it probably is.
How to Avoid Cryto Scams?
Prevention is better than cure and here are the ways to practice it before putting your hard-earned money in any crypto platform:
- Do your homework
Check if the platform or broker is registered with SEBI, RBI, or other recognized financial regulators. - Never trust social media promises:
Avoid investing through links shared on WhatsApp, Telegram, or Instagram ads. - Verify before you invest:
Search the company name with “scam” or “fraud” keywords. Check reviews on trusted forums. - Don’t fall for urgency:
Scammers use fear of “missing out” to rush your decisions. Take your time. - Use official payment channels:
Never send money to personal accounts or via crypto wallets unless you fully understand the risks.
How to Report CappmoreFX Scam?
Before you put your capital in any investment platform, it is always good to check its legitimacy.
However, if you have been unfortunate and trapped in any such fraud, then act quickly and file a cryptocurrency complaint in India online:
- File a Cyber Crime complaint immediately at the National Cybercrime Reporting Portal
- Lodge police FIR or contact the local EOW.
- Keep all proof – payment receipts, chat screenshots, emails, and account details.
- If you transferred money through a bank, contact your bank’s fraud department right away to freeze transactions.
Can You Recover Your Money?
Recovery is difficult but not impossible.
If the funds were moved through identifiable banking channels, authorities may trace and freeze assets. However, scams involving crypto or offshore accounts are harder to reverse.
Joining victim support groups or class-action complaints can increase the chances of coordinated recovery efforts.
Need Help?
If you’ve been affected by the CappmoreFX scam, don’t wait to take action. Protect your money and report the fraud immediately. Register with us to get expert guidance and start your complaint process today.
Conclusion
The CappmoreFX scam is a stark reminder of how even seemingly professional platforms can deceive investors. From Ponzi-style payouts to fake trading dashboards, the network carefully manipulated trust and greed to trap people.
Always verify the platform’s regulatory status, stay skeptical of guaranteed returns, and report any suspicious activity immediately. Staying informed and cautious is the best way to protect your hard-earned money from scams like CappmoreFX.
Remember, taking quick action not only helps you recover funds but also prevents others from falling into the same trap.
