Financial and Business News

Crypto-Forex Racket in India Dupes 450K Investors of Nearly $420 Million

Monday, 24/11/2025 | 15:34 GMT by Tareq Sikder
  • Rajasthan scheme caused losses; police recovered vehicles, jewellery, and cryptocurrency after arrests.
  • Company directors tell investors “not to panic” and say the situation will “settle soon.”
Flag_of_India,_New_Delhi
Flag of India

A platform called XPO.RU is at the centre of a large investment racket in Rajasthan, India, local media reported. It operated through a website and mobile app and was promoted as a channel for overseas investments. The group held seminars and offered referral commissions to attract investors.

Join IG, CMC, and Robinhood at London’s leading trading industry event!

Police say about 450K people across India lost nearly $420 million. In Jodhpur, around 10,000 people invested roughly $18 million. At a seminar on 22 September in Jhalamund, participants were promised a 10 percent commission for adding new investors.

Company Claims Exaggerated, Funds Misrepresented

The case surfaced after a complaint was filed in Bharatpur. Police later arrested five associates of the operation. Officers seized jewellery, five cars, and cryptocurrency worth approximately $4.8 million.

Investigators said the company claimed “4.7 million users” and “USD 4.3 billion” in funds. Actual figures were about 470K users and deposits of around $370 million.

Despite the arrests, the company’s directors continue to tell investors “not to panic” and say the situation will “settle soon.”

Luxury Seminars Used to Lure Investors

Preparations continue to take 50 investors from Jodhpur and 200 from across the state to Azerbaijan on 2 December. The company is not registered with any Indian authority. Local media reported that the same group also ran Digix.com, which raised over $60 million from about 9,000 investors. Although XPO.RU claims to operate from Russia, the network began its activities in Jaipur in 2022.

Investors said seminars were held in luxury hotels in Jodhpur, where operators showcased high returns and displayed vehicles. One investor said they gifted “Mercedes, Range Rovers and BMWs” during the events. Several vehicles remain booked at two showrooms. Some investors were also taken on foreign trips.

The company promised monthly returns of 15 to 20 percent. Many people used bank and private loans to invest, hoping to earn more than typical loan interest of 1 to 2 percent per month.

A platform called XPO.RU is at the centre of a large investment racket in Rajasthan, India, local media reported. It operated through a website and mobile app and was promoted as a channel for overseas investments. The group held seminars and offered referral commissions to attract investors.

Join IG, CMC, and Robinhood at London’s leading trading industry event!

Police say about 450K people across India lost nearly $420 million. In Jodhpur, around 10,000 people invested roughly $18 million. At a seminar on 22 September in Jhalamund, participants were promised a 10 percent commission for adding new investors.

Company Claims Exaggerated, Funds Misrepresented

The case surfaced after a complaint was filed in Bharatpur. Police later arrested five associates of the operation. Officers seized jewellery, five cars, and cryptocurrency worth approximately $4.8 million.

Investigators said the company claimed “4.7 million users” and “USD 4.3 billion” in funds. Actual figures were about 470K users and deposits of around $370 million.

Despite the arrests, the company’s directors continue to tell investors “not to panic” and say the situation will “settle soon.”

Luxury Seminars Used to Lure Investors

Preparations continue to take 50 investors from Jodhpur and 200 from across the state to Azerbaijan on 2 December. The company is not registered with any Indian authority. Local media reported that the same group also ran Digix.com, which raised over $60 million from about 9,000 investors. Although XPO.RU claims to operate from Russia, the network began its activities in Jaipur in 2022.

Investors said seminars were held in luxury hotels in Jodhpur, where operators showcased high returns and displayed vehicles. One investor said they gifted “Mercedes, Range Rovers and BMWs” during the events. Several vehicles remain booked at two showrooms. Some investors were also taken on foreign trips.

The company promised monthly returns of 15 to 20 percent. Many people used bank and private loans to invest, hoping to earn more than typical loan interest of 1 to 2 percent per month.

Topics
retail
forex scams
crypto scam
india
About the Author: Tareq Sikder
Tareq Sikder
  • 2009 Articles
  • 34 Followers
A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

More from the Author

Retail FX

Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
More Videos

  • Executive Interview | Jas Shah | FMLS:25

    Executive Interview | Jas Shah | FMLS:25

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

  • Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans

    Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans

    In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next. He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets. Watch the whole talk to learn more about how Versus Trade works and where it is heading. #financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation

    In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next. He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets. Watch the whole talk to learn more about how Versus Trade works and where it is heading. #financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation

  • Marketing in 2026 Audiences, Costs, and Smarter AI

    Marketing in 2026 Audiences, Costs, and Smarter AI

    As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly. Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them. Attendees of this session will walk away with: - A nuts-and-bolts account of acquisition costs across platforms and geos - Analysis of today’s multi-layered audience segments and differences in behaviour - First-hand account of how global brokers balance consistency and local flavour - Notes from the field about intelligently using AI and automation in marketing Speakers: -Yam Yehoshua, Editor-In-Chief at Finance Magnates -Federico Paderni, Managing Director for Growth Markets in Europe at X -Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO -Itai Levitan, Head of Strategy at investingLive -Roberto Napolitano, CMO at Innovate Finance -Tony Cross, Director at Monk Communications #fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation Connect with us at: 🔗 LinkedIn: / financemagnates-events 👍 Facebook: / financemagnatesevents 📸 Instagram: / fmevents_official 🐦 Twitter: / f_m_events 🎥 TikTok: / fmevents_official

    As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly. Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them. Attendees of this session will walk away with: - A nuts-and-bolts account of acquisition costs across platforms and geos - Analysis of today’s multi-layered audience segments and differences in behaviour - First-hand account of how global brokers balance consistency and local flavour - Notes from the field about intelligently using AI and automation in marketing Speakers: -Yam Yehoshua, Editor-In-Chief at Finance Magnates -Federico Paderni, Managing Director for Growth Markets in Europe at X -Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO -Itai Levitan, Head of Strategy at investingLive -Roberto Napolitano, CMO at Innovate Finance -Tony Cross, Director at Monk Communications #fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation Connect with us at: 🔗 LinkedIn: / financemagnates-events 👍 Facebook: / financemagnatesevents 📸 Instagram: / fmevents_official 🐦 Twitter: / f_m_events 🎥 TikTok: / fmevents_official

  • Fail Better Trading Tech to Tackle Industry Risks

    Fail Better Trading Tech to Tackle Industry Risks

    Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy. This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions. Attendees will hear: -Why platform dependency has become one of the most overlooked risks in the trading business? -Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’? -How AI is already changing execution, risk, and reporting—and what’s next? -Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention? Speakers: -Stephen Miles, Chief Revenue Officer at FYNXT -John Morris, Co-Founder at FXBlue -Matthew Smith, Group Chair & CEO at EC Markets -Tom Higgins, Founder & CEO at Gold-i -Gil Ben Hur, Founder at 5% Group #fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation Connect with us at: 🔗 LinkedIn: / financemagnates-events 👍 Facebook: / financemagnatesevents 📸 Instagram: / fmevents_official 🐦 Twitter: / f_m_events 🎥 TikTok: / fmevents_official

    Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy. This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions. Attendees will hear: -Why platform dependency has become one of the most overlooked risks in the trading business? -Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’? -How AI is already changing execution, risk, and reporting—and what’s next? -Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention? Speakers: -Stephen Miles, Chief Revenue Officer at FYNXT -John Morris, Co-Founder at FXBlue -Matthew Smith, Group Chair & CEO at EC Markets -Tom Higgins, Founder & CEO at Gold-i -Gil Ben Hur, Founder at 5% Group #fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation Connect with us at: 🔗 LinkedIn: / financemagnates-events 👍 Facebook: / financemagnatesevents 📸 Instagram: / fmevents_official 🐦 Twitter: / f_m_events 🎥 TikTok: / fmevents_official