Scammers generally use convincing power to scam people and this has increased the number of cyber frauds in India. People have lost ₹1,750 crores in Cyber frauds including forex trading.
Now before moving ahead let’s understand what a forex trading scam is.
So, in this the scammer approaches via WhatsApp or Telegram and sometimes by displaying tempting ads on social media. Now as soon as someone gets trapped in it the scammer shares a link to download a forex trading app.
The app is of course fake and currency displayed in the apps are just numbers that are manipulated by the scammer to lure victims.
Now the scammer asks to deposit funds in his bank account which actually don’t belong to the scammer itself. Those bank accounts are rented and further linked to multiple accounts which make it difficult to track the flow of payment.
Once the victim adds enough funds, they display high returns in the app. Seeing this victim adds more funds sometimes to make more money. Later when the victim tries to withdraw the fund, it gets blocked.
Here the scammer asks to pay a heavy tax amount to process the withdrawal transaction. Now in some cases victims do so and lose more money and in other cases, some people can’t fulfill tax requirements due to shortage of funds.
In both cases, it is a victim who ended up losing their hard earned money.
Now, what if you are a victim of Forex Trading Scams in India?
Since forex trading is banned and not regulated in India, hence one cannot report to SEBI or RBI directly to get recovery of their losses. The only way and hope to get your lost amount back is to report the case to Cyber Crime.
How to file a Cyber Crime Complaint?
Everyday CyberCrime receives thousands of cases and some of those include related to forex trading scams too. So, if you are a victim of one such cases in India, then follow the simple process given below:
- Visit Cyber Crime portal.
- Register by entering your basic details.
- Now login using User Id and Password created.
- Choose the category of complaint.
- Add incident details and upload supporting documents as proof.
- Now fill the victim’s & suspect’s details.
- Submit your application.
Now post this, don’t forget to file an FIR in your local police station to get quick & satisfactory actions on your case. Make sure you don’t delay in reporting such scams in Cyber Crime as this reduces the chances of recovery of the full amount lost in the scam.
