Imagine putting your life savings into an online investment platform, hoping to grow your money safely, only to discover that the platform was a scam. This is exactly what happened to over 1.5 lakh investors in Assam, who lost a staggering ₹260 crore in the TradingFX scam orchestrated by Ranjit Kakoty.
In this blog, we’ll uncover how the fraud happened, red flags to watch out for, legal actions taken, and how you can protect yourself.
Who is Ranjit Kakoty?
Ranjit Kakoty, the mastermind behind the scam, created TradingFX, a platform promising high returns on investments. He gained investors’ trust by projecting himself as a successful businessman in the financial sector.
- Operated mainly in Assam and nearby regions.
- Targeted both beginner and experienced investors with promises of quick, high returns.
- Currently facing multiple legal actions: arrested by local authorities, CBI filed a chargesheet, and the Supreme Court recently canceled his bail.
Kakoty’s approach is a textbook example of how fraudsters exploit trust and greed simultaneously.
TradingFX Review
TradingFX (website: tradingfx.live) presented itself as a legitimate online investment platform. It promised investors:
- High ROI investments in short time frames.
- Opportunities to grow money quickly without prior trading knowledge.
- “Safe” online investment schemes backed by supposedly verified accounts.
But behind the glossy interface, the platform was designed to mislead investors and siphon funds. Kakoty’s team created a professional-looking website and even shared fake investment documents to convince people of its legitimacy.
How the ₹260 Crore Fraud Happened?
Here’s how Kakoty executed the scam:
1. Attracting Investors
- Marketing campaigns through social media, WhatsApp, and local seminars.
- Promises of extraordinary profits to lure both beginners and seasoned investors.
- Created an illusion of credibility by showcasing early “success stories.”
2. Initial Payouts
- Early investors received small returns to build trust.
- This Ponzi-style tactic encouraged more deposits from new investors.
3. Collecting Money
- Funds collected via bank transfers, UPI, and other digital payment channels.
- Investors were sometimes given fake notarized documents and “investment agreements” to appear legitimate.
4. Stopping Withdrawals
- Once the bulk of the funds was collected, withdrawals stopped suddenly.
- Victims were told to pay “taxes or service fees” to release funds, which never happened.
5. Diversion of Funds
- Money was transferred through multiple accounts, sometimes through shell companies, to hide the flow.
- No real investments were made; the funds were largely misappropriated.
6. Concealment and Escaping Accountability
- Website and app remained operational to maintain the appearance of legitimacy.
- Legal loopholes were exploited to delay arrest and prosecution.
How to Identify Scams Like TradingFX?
Investing in unverified platforms can be risky. Here are the red flags of such scams:
- Guaranteed High Returns: No legitimate platform can promise huge profits with zero risk.
- Aggressive Marketing: Constant calls, messages, or emails pressuring you to invest immediately.
- Hidden Ownership: Offshore registration or lack of clear company details.
- Complex Products: Multiple offerings (investments, forex, crypto) can confuse beginners.
- Withdrawal Issues: Delays or denials in fund withdrawal are major red flags.
Recognizing these warning signs early can prevent massive losses.
Legal Action & Current Status
The Ranjit Kakoty scam has caught the attention of major law enforcement agencies:
- CBI: Filed a formal chargesheet for ₹260 crore fraud.
- ED: Froze ₹6.04 crore across 72 accounts linked to the scam.
- Supreme Court: Recently canceled his bail, ordering him to surrender within two weeks.
- Ongoing Investigations: Authorities continue tracing funds, identifying co-conspirators, and working on victim fund recovery.
The legal system is actively pursuing justice, but recovery for victims may take time.
How to Report TradingFx Scam?
If you suspect you’ve been targeted by a scam like TradingFX, act immediately:
- Report to SEBI: Use the SCORES portal for complaints against unregulated platforms.
- File a Complaint with Cybercrime Authorities: Include transaction details, screenshots, and communication logs.
- Notify RBI or FEMA: If money was sent to offshore accounts illegally.
- Preserve Evidence: Screenshots, bank statements, and chat messages are crucial.
Need Help?
If you’ve been scammed by TradingFX or similar platforms, register with us to report the fraud and start your fund recovery process.
Conclusion
The Ranjit Kakoty ₹260 crore scam is a harsh reminder that not all online investment platforms are trustworthy. Promises of quick profits and flashy websites can be extremely misleading.
Before investing, always verify regulatory approvals, check the company’s background, and look out for red flags like guaranteed returns or hidden ownership.
Remember, protecting your money and making informed decisions is far smarter than chasing shortcuts. In investing, caution, research, and awareness are your strongest tools against fraud.
