Indian forex scammer who siphoned almost $1 million from investors arrested

HYDERABAD: Police have arrested a 28-year-old fraudster who cheated people in the name of foreign exchange trade to the tune of Rs 4 crore.

Addressing a press conference here, Cyberabad police commissioner S Prabhakar Reddy said Pavan Kumar, an MBA graduate from Delhi, was arrested by the Madhapur police in the national capital on December 16. He floated a website `4X Fund Management' and gave advertisements in all local dailies stating `Earn 2.5% Daily, 100% Transperancy' asking people to invest money in Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading.

Pavan Kumar gave account numbers __ one of HSBC Bank and Laxmi Vilas Bank. He gave web address of www.ifctrading.com. People started transferring online amount to these two accounts, which were opened in the name of IFC Company Ltd in June 2010.

Pavan initially showed profits and later losses and hence, did not pay any amount to the investors.

He first floated `Fine Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term Company' in June 2009 and ran the business for six to seven months. He cheated people to the tune of Rs 2-3 crore, but managed to settle the issue by paying Rs 40 lakhs to the victims.

In the name of fund management, he collected nearly Rs 4 crore. He purchased a flat in Delhi for Rs 1.5 crore, an Endeavour vehicle worth Rs 28 lakhs and one kg gold. He also made fixed deposits worth Rs 35 lakhs in Laxmi Vilas Bank and Rs 25 lakhs in Dhanalaxmi bank. He had five PAN cards, 14 bank accounts and 10-12 debit cards, police added.