70% Return Drama Turns into a 40-lakh Forex Trading Scam for Navi Mumbai Residents

In a sad development, two residents of Ghansoli, an area that falls under the Navi Mumbai region, were duped of INR 40 lakh by a gang that promised hefty returns through forex trading. After receiving the funds, the accused closed their office and fled, causing financial misery for these two residents - Minisha Kirve and Harshad Gosavi. Turbhe MIDC Police registered a case, imposing cheating charges and the IT Act provisions on the accused. They are searching for the accused - Suraj Kadam, Sachin Dongre, Vikas Nikam, and Jai Manohar Kamad - who inflicted a 40-lakh forex trading scam.

The ‘Lure’ Game Begins at the SVPS Group Office

The police, while investigating this forex trading scam case, found that Vikas Nikam and Sachin Dongre opened an SVPS Group office at Millenium Business Park in Mahape. They began luring investors that investments would go into the forex trading market through JKV Global, a Dubai-based firm. Then comes the interesting part. The company promised investors a profit of 70% while keeping a 30% commission. It even claimed that it would bear investor losses. Falling prey to these fake forex trading assurances, Minisha Kire, a Ghansoli resident, made investments worth INR 20 lakh. She had saved this amount for her daughters marriage and education. Harshad Gosavi also invested the same INR 20 lakh.

Fake Investment Portrayal by the Accused Before They Showed Their REAL Face

Vikas and Sachin demonstrated that investments were doing well. However, as they sought access to their financial statements and trading accounts, the accused avoided their calls and finally switched off their cellphones and vacated the Mahape office without intimation.

Gosavi and Kirve tried to follow up with Suraj Kadam and Jai Manohar Kamad. These two operate from Dubai and were reportedly associated with JKV Global. While these two provided assurances that they would refund, like the other two, they also stopped communicating.

Now both Gosavi and Kirve realized that they had been cheated, so they filed a complaint against the accused at the Turbhe MIDC Police Station. The police suspect the accused to have duped many people from Navi Mumbai using such tactics. The police have told the public to remain cautious when investing and report any forex trading scams immediately.

Wrapping Up

Forex trading scams are nothing new in India. Daily, we hear an incident resulting in lakhs and crores of losses due to fraudulent investment schemes that promise guaranteed and high returns. While high returns can always be the case with forex trading, they cannot be guaranteed with this investment. Returns fluctuate based on the extent of trading volume and various economic and political factors. This, at least, makes one thing clear - you are not going to receive guaranteed returns from forex investments.

So, if someone claims to offer guaranteed forex returns, discard their words. Research and check leading forex broker information portals such as WikiFX to know about their regulatory status first. You can also read insightful blogs that educate you about the forex markets intricacies.