India's Rs 6,000 Crore Ponzi scam

WikiFX

| 2024-12-01 08:00

Abstract：India has been hit by a major Ponzi scheme worth an estimated 6,000 crores. This financial fraud has devastated hundreds of innocent investors.

img_v3_02h2_0991e4ba-87c3-4ec6-9cfe-65c26640da0g_compressed.png

India has been hit by a major Ponzi scheme worth an estimated 6,000 crores. This financial fraud has devastated hundreds of innocent investors. In India, The CID team raided BZ International Broking Private Limited's offices in Gujarat's Sabarkantha and six other districts.

Police said the firm lured teachers, farmers, and retired government officials with large profits. Police claimed that as part of its initial effort to entice investors, the corporation provided some returns to a large number of them.

The company is accused of using a vast network of agents to entice many people to invest by promising them interest rates that were significantly higher than those offered by traditional banks.

According to the Police, this company obtained about Rs 6,000 crore through illicit means. Police added that as they got to know about the police operation against them. The companys chief executive officer, Bhupendrasinh Parbatsinh Zala, and agents vanished.

The police urged anybody who had been tricked to come forward and lodge complaints.

Why settle for an app that offers limited features when you can have it all? WikiFX is your one-stop shop. It keeps you up-to-date with the latest market news but also empowers you to make informed decisions with its comprehensive broker evaluation tools. Assess a broker's regulatory status, read reviews, and check the broker's reliability & History—all in one place! Visit the WikiFX website now and transform your trading experience.

Scam Alert

4XC Exposed:Do Traders Report Sudden Balance Disappearance, Outdated Process & Poor Customer Service

Have you experienced a NIL balance in your 4XC trading account due to a sudden liquidation of your forex positions? Gained a healthy return on your deposit but saw a quick disappearance of funds in your account afterward? Do you still need to go through the old and outdated process of opening a 4XC Broker trading account? Are you struggling to withdraw your funds? These have allegedly become rampant for traders tied to this broker. In this 4XC review article, we have shed light on the negative comments. Take a look!

Original 2025-12-11 21:12

TOPONE Markets Review: Allegations of Withdrawal Denials, Forced Liquidations & Questionable Rules

Do you think that TOPONE Markets’ forex trading rules need to change? Do these rules prevent you from earning profits? Does the forex broker adopt a dubious approach by ensuring fast deposits but delayed withdrawals? Have you witnessed forced liquidations of forex positions by the Cayman Islands-based broker? In this TOPONE Markets review guide, we have shared several complaints against the broker. Read on!

Original 2025-12-11 14:43

The "Royal" Treatment? How "AI" Promises and Withdrawal Taxes Are Trapping Traders

Traders flock to OneRoyal drawn by the allure of "AI-driven" returns and a prestigious name backed by global licenses. However, a disturbing pattern has emerged from the chaotic data streams: accounts are being drained not just by market forces, but by "artificial" spread widening, erratic price data that defies global benchmarks, and—most alarmingly—arbitrary demands for "tax clearance certificates" to release funds.

Original 2025-12-11 14:01

Sudden Liquidation: How Deriv's "Leverage Trick" and Withdrawal Blocks Are Wiping Out Trader Account

The WikiFX Exposure Team has analyzed a surge of urgent complaints throughout 2025 concerning the broker Deriv. While the platform boasts high influence and multiple registrations, a darker pattern has emerged in the data: a sophisticated mechanism of sudden leverage reduction and "ghost" withdrawals that leaves traders with zero balance.

Original 2025-12-11 13:55