Heads or Tails?
How many of you have used this simple trick to make decisions in life? Almost everyone!
Now, imagine adding a twist to it—this time, the result could help you earn money. Sounds exciting, right?
It may seem straightforward, but what if you lose your capital by guessing wrong? Without considering the risks, people often jump in, don’t they?
And this is the reason why people add money to binary trading. Without understanding the concept and without having proper understanding, they just end up investing their hard-earned money in the greed of earning quick profit.
Most of the time it’s not because of the wrong guess but the scam run in the name of a trading platform that leads to losses of thousands of people who invest in such illegal and unregulated trades.
The worst part is, since it is not regulated, you cannot reach out to SEBI, like in cases of other trading scams. Hence the only choice you are left with is to file a complaint to Cyber Crime.
That too would help only if you take quick actions, and have solid proofs to prove your point.
Avtar (name changed) one of the victims of the forex trading scam was a bit lucky in this case, who even with the limited proofs in hand got a refund of 80% of the lost amount.
Here is the complete detail of how he got scammed and finally how our team helped him in recovering his losses.
How Avtar Lost More than ₹1,00,000 in Forex Trading Scam?
Avtar, who came across the forex trading on Telegram, showed his interest in knowing more and learning the trading strategies. He found one channel too that claimed to provide education on forex trading.
The scammer running that channel assured him of complete learning and asked him to deposit ₹5000 fees. However, not having enough money, Avtar paid ₹3000 to begin the learning journey.
But soon after that, the scammer asked him to add a few dollars to the forex trading account to practice trading.
Avtar added $20 (around ₹1600) in the trading account. He attended a few sessions as well where the scammer displayed a $1,000-$10,000 return in one single day.
Enough money to lure a novice trader having zero knowledge of how it works, isn’t it?
Avtar got lured by it. Later scammer asked him to add $500 (around ₹35,000) to the account and assured him the return of $2000 (around ₹1,40,000).
Avtar thought that the person who was making a lot of money would not misuse his capital and hence ended up adding $500.
On the first day, he earned a profit of 100% of the amount. The scammer to gain trust asked him to withdraw $100 and keep the rest in the account to re-invest.
Avtar, a bit careless, didn’t transfer the funds to a bank account. On the next day, the scammer used the whole amount to trade and asked Avatar to add more funds.
Avtar added $100 but the scammer asked him to add a minimum of $500. By now, the scammer had gained his trust, and Avtar ended up transferring around ₹1,00,000 in total.
The end was the same as in most of the cases, the scammer after some time, stopped taking his calls and blocked him from the telegram too.
Unaware of the process to report a complaint, regretted his decision to follow someone blindly. A few months later he came across our website and shared the scam details with us.
How Our Team Helped Avtar in Recoving ₹85,000?
On receiving the complaint, our team called Avtar to understand the case in detail.
It was a bit complicated as it seems to be as Avtar did only ₹30,000 transactions in the bank account and the rest of the payment he transferred directly to the fake forex trading account.
But our team didn’t give up and whatever details, and proofs he had, our team filed a complaint in the Cyber Crime. Soon the actions turned out to be fruitful as the scammers’ bank account got blocked.
The scammer contacted Avtar and agreed to make a settlement. In the mutual discussion between the two, Avatar asked for ₹85,000 which was around 80% of his lost amount.
Finally, the scammer refunded the amount in three installments, and once again one victim got justice.
What Can You Learn from This?
Avtar’s story is a reminder of the potential risks involved in unregulated trading activities like forex and binary options. His trust and lack of awareness led to a loss of over ₹1,00,000.
Luckily, with our team’s support and timely action, he was able to recover 80% of his lost amount.
Here are some key takeaways from this case:
- Do Your Research: Before investing in any platform or with any advisor, ensure they are regulated and trustworthy. A little research can save you from significant losses.
- Avoid Greed: Quick profits may seem tempting, but they often come with high risks. Avoid getting lured by promises of extraordinary returns without understanding the associated risks.
- Verify Before You Trust: Never blindly trust anyone on social media or messaging platforms, no matter how convincing they seem. Verify their credentials and seek second opinions.
- Document Everything: Always keep records of your transactions and communications. In case of a scam, this evidence can be crucial in seeking recovery.
- Report Quickly: If you suspect fraud, report it to the authorities immediately. Delaying action can make it harder to recover your money.
Avtar’s mistake was his over-reliance on a stranger and the allure of quick gains, which blinded him to the red flags.
By learning from his experience, you can avoid falling into similar traps and make more informed financial decisions. Stay alert, stay informed, and always invest wisely.
