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,e fake, and the currency displayed in the app is just numbers that are manipulated by the scammer to lure victims.
Now the scammer asks to deposit funds in his bank account, which doesn’t belong to the scammer. Those bank accounts are rented and further linked to multiple accounts, which makes 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 funds, it gets blocked.
The scammer asks her to pay a heavy tax amount to process the withdrawal transaction. Now, in some case, victims do so and lose more money, and in other cases, some people can’t fulfill tax requirements due to a shortage of funds.
In both cases, it is a victim who ends up losing their hard-earned money.
Now, what if you are a victim of Forex Trading Scams in India?
Since the scam was done using one of the banned forex trading apps in India, one cannot report to SEBI or RBI directly to recover of their losses.
How to Report Forex Trading Scams in India?
If you’ve been unfortunate enough to face a forex trading scam, don’t panic; you’re not alone.
Many people go through this, and the good news is that forex scam recovery is absolutely possible with the right steps and expert guidance.
Register with us now, and our experienced team will reach out with personalized support to help you recover, rebuild your confidence, and take back control, safely and securely.
