Forex trading Scam
11 months ago
I have involved in forex trading scam where i lost almost 20 lakhs in investing in 2 companies where i have paid them using credit cards, now they are non responsive, i have contacted bank and RBI too but no use, any other sources to find them and recover my money
A.Dear Client,
The Foreign Exchange Management Act (FEMA), set forth by the Reserve Bank of India, is the legal framework for forex trading in India. FEMA states that trading in foreign currencies is allowed in India with certain restrictions.
Forex transactions can only be undertaken with authorized persons and for permitted purposes. According to the RBI, which is the country’s central bank, an authorized person is an entity authorized by the RBI itself to deal in forex. It can be an authorized dealer, money changer, or off-shore banking unit.
Permitted forex transactions executed electronically should be undertaken only on electronic trading platforms (ETPs) authorized for the purpose by the RBI or on recognized stock exchanges such as the National Stock Exchange of India (NSE), the BSE and the Metropolitan Stock Exchange of India (MSE).
Indian residents undertaking forex transactions with unauthorized persons or on unauthorized ETPs shall render themselves liable for penal action under FEMA.
So, in case you are involved in forex transactions with unauthorized entities or unauthorized ETPs then you made yourself liable for penal action under FEMA
The Foreign Exchange Management Act (FEMA), set forth by the Reserve Bank of India, is the legal framework for forex trading in India. FEMA states that trading in foreign currencies is allowed in India with certain restrictions.
Forex transactions can only be undertaken with authorized persons and for permitted purposes. According to the RBI, which is the country’s central bank, an authorized person is an entity authorized by the RBI itself to deal in forex. It can be an authorized dealer, money changer, or off-shore banking unit.
Permitted forex transactions executed electronically should be undertaken only on electronic trading platforms (ETPs) authorized for the purpose by the RBI or on recognized stock exchanges such as the National Stock Exchange of India (NSE), the BSE and the Metropolitan Stock Exchange of India (MSE).
Indian residents undertaking forex transactions with unauthorized persons or on unauthorized ETPs shall render themselves liable for penal action under FEMA.
So, in case you are involved in forex transactions with unauthorized entities or unauthorized ETPs then you made yourself liable for penal action under FEMA
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A.Hello,
the first step is to contact the appropriate authorities, such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). You should also contact your bank or credit card company to report the fraud and request a chargeback. It is also important to file a complaint with the Federal Trade Commission (FTC) and the Internet Crime Complaint Center (IC3). Additionally, you should consider seeking legal advice to understand your rights and options for recovering your funds.
the first step is to contact the appropriate authorities, such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). You should also contact your bank or credit card company to report the fraud and request a chargeback. It is also important to file a complaint with the Federal Trade Commission (FTC) and the Internet Crime Complaint Center (IC3). Additionally, you should consider seeking legal advice to understand your rights and options for recovering your funds.
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