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 Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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 Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term case scam, agency sources said.
The officer's premises were raided in April last by the CB-CID wing of the state police, which was then investigating the case.
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.
India's finanial crime unit have raided the residence of a senior police official in connection with the multi-crore (million) Pazee Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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 Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term case scam, agency sources said.
The officer's premises were raided in April last by the CB-CID wing of the state police, which was then investigating the case.
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.