CBI raids Indian FX ponzi scheme

India’s finanial crime unit have raided the residence of a senior police official in connection with the multi-crore (million) Pazee

India’s finanial crime unit have raided the residence of a senior police official in connection with the multi-crore (million) Pazee Forex Trading case scam.

CBI sleuths raided the residence of Pramod Kumar, Inspector General of Police (Armed) at the SAF Games Village in Koyambedu for his alleged involvement in the multi-crore Pazee Forex Trading case scam, agency sources said.

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The officer’s premises were raided in April last by the CB-CID wing of the state police, which was then investigating the case.

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The case was transferred to CBI in June 2011, they said. Over 10,000 investors from 12 states were cheated of crores (millions) of Rupees by the Tirupur-based finance company Pazee Forex Trading Firm, they said.

India’s central bank has been pressing hard on brokers offering spot FX. The RBI has issued disclaimers outlawing fund transfer for FX purposes.

Forexmagnates team wrote a detailed report on the Indian FX market, available in the Q2 quarterly report 2011.

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