Fake Forex Scams in Dubai: How Indians Are Trapped by Cold Calling

Indian call centres run Fake Forex Scams in Dubai, selling UAE residents fake forex schemes and stealing thousands through false promises.

Every year, Fake Forex scams in Dubai rob Indians of crores of rupees. While Forex trading is banned in India, scammers have shifted their base to Dubai, creating shell companies with fake licenses from Curaçao or Saint Lucia.

These fraudsters — mostly young Indians — use aggressive cold calling in native languages to target middle-aged professionals back home. Victims fall for quick returns, only to see the companies vanish overnight.

Let’s break down how these scams really work 👇

Why Forex Trading is Banned in India

India’s RBI only allows currency trading in INR pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR). All other forex trading is illegal.

Scammers exploit this restriction by setting up “offshore companies” in Dubai, luring Indian investors into unauthorized forex platforms.

Step One: Native Language Cold Calling Teams

How Language Builds Trust Quickly

Fraudsters know the power of regional language.

• For Karnataka, they hire Kannada speakers.

• For Kerala, they hire Malayali callers.

This creates instant trust — the foundation of their scam.

Step Two: The Small Deposit, Big Return Trap

Unrealistic 30–50% Profits

The next step is bait:

• Deposit just $1,000.

• See it grow instantly to ₹30,000–₹40,000.

Investors see false dashboards showing 30–50% monthly returns, and the fear of missing out makes them invest more.

Step Three: Commission Incentives to Grow the Scam

Victims are turned into recruiters.

• Bring in new investors → Get a commission.

• Word spreads through friends, families, and networks.

This creates a chain reaction, helping the scam grow fast.

Step Four: The Overnight Vanishing Act

Once enough money is pooled:

• Offices are abandoned.

• Licenses (like Sigma One from Saint Lucia) are proven fake.

• Scammers disappear without a trace.

Step Five: Selling Investor Data to Fraud Rings

Beyond stealing money, scammers sell investor details — names, bank data, credit cards — to fraud networks in India, Burma, and beyond.

Victims then face:

• Credit card fraud

• Identity theft

• Continuous scam calls

Real Cases of Forex Fraud: Dutt FX, EVM Prime, Gulf First

• Dutt FX – Closed overnight after duping investors.

• EVM Prime – Used fake trading dashboards.

• Gulf First – Rented an office in Dubai’s Business Bay, flashed a fake Saint Lucia license, then vanished.

How to Protect Yourself From Fake Forex Schemes

Verify Licenses With Regulators

Don’t trust certificates shown on websites. Always cross-check licenses with official regulators.

Avoid Sharing Sensitive Data

Never share PAN, Aadhaar, or bank details with unverified financial companies.

Watch Out for Unrealistic Returns

If someone offers 30–50% returns monthly, it’s a scam. Real investments don’t work that way.

Get Professional Advice

Before investing, consult a licensed financial advisory services.

Final Thoughts: Stay Alert, Stay Protected

Scams like these show how financial fraud check is evolving with globalization. The best weapon is awareness.

If you suspect a company in Dubai or India is scamming you, don’t stay silent. Take action.

🧾 Shunyatax Global says that financial clarity starts with informed decisions.

We provide end-to-end Tax Filing, NRI Services, Auditing Services, and Financial investigation planning for individuals and businesses.

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