Testimonials
Financial Frauds - A Case Study
I got a recommendation to join a forex trading app of which someone got more than 20 percent profit. Let that someone be Mr X. Since i trusted him a lot. So i joined that group and invested a sizeable amount into forex. I sought assistance from them to handle my account as markets are open round the clock. So because I didn’t wanted to miss a trade. I committed my first mistake. I gave the passwords to the account handler
Initially, i was shown profits. There were flowery messages from the agents every day encouraging me to increase my investment. So I fell in the trap further. I made my second mistake. Invested more due to the greed of getting better returns. Returns did come but only as numbers flickering in front of me on that app. I was a happy man.
When the profits got to a decent level. I thought of withdrawing some amount to retrieve my capital. But there was an issue. The repayment could only get processed if the agent approves it. It was not an automated system. So there was a portal where in the withdrawl request is to be sent and on approval the money could be remitted.
Now, here the honeymoon period was over. I waited for my money but it never came. I asked the agent to approve the withdrawl agent. He said it will be done. Then days passed and nothing happened. Thereafter, I sternly spoke with the agent to return my money with immediate effect and not to take any further trades. The agent approved and said tomorrow i will get my money.
In the night two trades took place which went into loss and wiped out my entire capital including the profits. I was left with 2 dollars in the account. I was shattered to the core. And had no one to go to. Thereafter, i approached Mr X….all he could give me was sad emojis. The agent stopped taking my calls. I was shattered as i was cheated of my hard earned money.
I called up a friend who is a lawyer. I tried to track the company . I realised that there was no address on the webpage and the website was registered in UK. So basically there was no way through which i could find them. All i had was one phone number and three transactions
I called up Mr Y and sought guidance and assistance. Fortunately he showed me the way and gave me the motivation to fight for it. Since it was an online fraud i was aware and accepted the fact that my money is not going to come back. So i decided that atleast no one else should get cheated. I made 3 transactions with them out of which one was a bank transfer and the other 2 were through UPI id.
Here I learnt my First lesson… Never deposit or transfer money through UPI or QR codes. There was no trace of the transactions with the bank records. So i couldn’t search where my money went. But since the third transaction was a bank transaction.
It got reflected in the bank statements. I lodged a complaint with the bank on the basis of that transaction. Requested them to freeze the account. Here i learnt the second lesson
Banks won’t freeze the account untill they get directions from the police or the court. So i went to the police and spoke with the inspector. The police cooperated and lodged a complaint and there after on the basis of the complaint the accounts were freezed.
Now the tables got turned. I got a call within 1 hour of blocking the account. The same agent who was not taking my calls was frantically trying to speak with me. I obligated. He asked about the bank accounts and i told him that I am at the police station. He transferred my call to his senior. This guy then said that he will return my money back and requested to take back the complaint. I said first return my money.
He returned 60 percent amount immediately. Now the rest was left. I didnt take my complaint back , so he called up again. I told him untill you return my money. I wont take it back. Within 24 hrs my entire money came back to my account.
I was relieved and happy. It was a miracle that i got it back. Everyone is not that lucky.
After that a few other called me and told their story. I put all of them on a conference call and made them speak with the guy. And told untill everyones money is refunded. Your accounts wont be unblocked.

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