Breaking News - INR 6,000 Crore Forex Scam Racket Busted in Gujarat

Udhana police have unearthed an international forex trading racket worth INR 6,000 crores. The racket duped a textile trader of INR 39 lakh with the lure of a 5% monthly commission. Mit Khokhar advised him to invest this amount. Mit is serving imprisonment in the Lajpor jail for online cheating worth INR 2,000 crores.

The Masterminds Operate from Dubai

Ankur Patel and Vishal Sankalasariya, the main masterminds, operate from Dubai. They carry out this operation in the company of other fraudsters, including Piyush Kukadiya, Mihir Shah and Vishal Limbani. This racket has a total of six fraudsters. Udhana police will likely arrest Mit in the coming days using a transfer warrant. Vishal is nothing but Mits maternal uncle. The Ahmedabad-based lawyer also duped INR 70 lakh from the racket.

Fraudsters Used Banned MT-5 App to Dupe Investors

Udhana Police Inspector Desai stated that Vishal gave investors a fake 5% monthly commission in exchange for forex trading investments. They made a banned MT-5 app and made people invest through it. Vishal had offices in Dubai and Surat. MIT used to send people links with user credentials (usernames and passwords) for the application. People can see their invested capital in USDT in their application accounts. Like stocks, the prices would continue to fluctuate. When the time arrived for the monthly commission, the app would show it. However, investors cant withdraw it. The collective scam went up to 6,000, cheating 50 investors along the way. Each investor put in a minimum of INR 50 lakhs. As per the news report, many people have invested crores in forex through this racket.

Police Uncovered a Racket Worth Billions Upon Checking Mit‘s Chats

Udhana police, while investigating Mit and Kirat’s mobile chats in an INR 2000-crore online cheating incident, discovered that Kirat was asking for INR 1.72 crore from Mit. The investigation saw investments worth INR 1.72 crore by Divyesh and Kirat in forex trading upon Mits insistence. Mit had duped both Divyesh and Kirat. Therefore, these two demanded money from Mit. Udhana police, upon receiving the complaint, requested the Securities and Exchange Board of India (SEBI) to release a list of banned applications. The SEBI revealed 180 applications including MT-5.

Word of Caution

As a trader, check whether the company approaching you for forex investments is registered and licensed by the appropriate authority. Don‘t go by what they say. Check their authorization online. At WikiFX, an app that showcases information concerning brokers worldwide, you can find everything about the broker’s regulatory status and how effective their performance is. Secondly, theres nothing called guaranteed returns from forex where prices fluctuate every day.