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

FXPIG Exposed: Traders Report Withdrawal Denials, Fund Scams & Regulatory Flags

Do you face massive losses due to astonishing spreads at FXPIG? Have you witnessed multiple trade executions by the Georgia-based forex broker even though you wanted to execute a single order? Has this piled on losses for you? Is the FXPIG withdrawal too slow? Maybe your trading issues resonate with some of your fellow traders. In this FXPIG review article, we have shared these issues so that you can introspect them thoroughly before deciding on the best forex trader.

Original 2025-11-18 21:04

Does WealthFX Generate Wealth or Losses for Traders? Find Out in This Review

The name WealthFX sounds appealing for all those wishing for a rewarding forex journey. However, behind the aspiring name are multiple complaints against the Comoros-based forex broker. These trading complaints dampen the broker’s reputation in the forex community. In this WealthFX review article, we have shared some of these complaints here. Take a look!

Original 2025-11-18 19:20

CySEC Flags 21 Unauthorized Broker Websites in 2025 Crackdown

CySEC warns investors about 21 unauthorized broker websites in 2025, including potential clones of major brands. Verify your broker’s license to avoid scams.

Original 2025-11-18 17:59

FONDEX Review: Do Traders Really Face Inflated Spreads & Withdrawal Issues?

Does FONDEX charge you spreads more than advertised to cause you trading losses? Does this situation exist even when opening a forex position? Do you witness customer support issues regarding deposits and withdrawals at FONDEX broker? Does the customer support official fail to explain to you the reason behind your fund loss? In this article, we have shared FONDEX trading complaints. Read on!

Original 2025-11-18 17:56