Daily fraud update: 14th February

ForexFraud

Alleged Indian foreign exchange fraud busted

A large-scale case of alleged forex fraud in India appears to have been busted by police in the local area.

Police in Mumbai are believed to have uncovered the alleged scam during an investigation.

The allegedly fraudulent firm in question, called Capstone Forex, has been targeted by the police’s  Enforcement Directorate on financial fraud.

It is understood that the firm has acquired a significant amount of cash through what were described by local press outlets as allegedly “shell companies”.

In total, it is accused of having acquired over 700 crore Indian rupees – a figure which is equivalent to over $98m or over £75m.

It is also accused of making foreign exchange purchases using counterfeit passports and also using fake airline tickets.

Trump government member hints at new regulations

 A member of US President Donald Trump’s government revealed this week that the country looks set to announce a range of new regulations pertaining to digital currencies.

Steven Mnuchin, who serves as the government’s treasury secretary, made the remarks on Wednesday during a session in front of the Finance Committee of the US Senate.

“We will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering”, he said.

Mnuchin also appeared to indicate that the government would crack down on the use of so-called “secret” banking.

“We want to make sure that technology moves forward; on the other hand, we want to make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number banking”, he said.

The remarks from Mnuchin came after the Chair of the Federal Reserve Jerome Powell also spoke in front of Congress.

Powell was speaking in front of the Senate Banking Committee, and in his remarks, he claimed that Libra – which is Facebook’s proposed cryptocurrency – encouraged the Fed to research the possibility of launching a cryptocurrency of their own.

Powell used the opportunity to discuss what he claimed would be a number of advantages.

“The benefits would include perhaps greater financial inclusion, lower costs, more convenience”, he said.

“There’s a lot to weigh and a lot to work on there.”

“Every major central bank in the world right now is doing a deep dive on digital currencies, and we think it is our responsibility to be at the very forefront of knowledge and thinking about a central bank digital currency”, he was quoted as saying.

Powell was responding to a question from Bill Foster, who serves as a member of the House of Representatives for the 11th congressional district of Illinois.

The effect of Powell’s comments on the price of bitcoin was intense.

In its pair against the US dollar, for example, it was up by 4% at one stage to $10,200.


ForexFraud

Latest news

Crypto Rollercoasters, Meme-stock Explosions and Nasdaq Highs – There’s Something for Everybody
Over the weekend, the Forex Fraud analysts picked through last week’s US Federal Reserve inspired sell-off to establish something odd about the slow-motion price move. Read more
Is This a Dip to Buy or the Start of a Market Correction?
The surprising change in tone by the US Federal Reserve last Wednesday has been followed by a very slow-motion, minor market correction. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
BEST FOREX BROKER Visit broker
5
#2 ForexTB logoYour capital is at risk Founded: 2015 Global Forex & CFD Broker
Number One Broker
LOWEST FEES Visit broker
4.9
#3 Tickmill forex broker logoYour capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#5 Forex Broker Pepperstone LogoCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9

    Forex Fraud Certified Brokers

    XM Logo
    skilling logo
    Exness Small Logo
    Pepperstone
    Plus500 Small Logo
    Forex.com Logo
    HYCM Logo
    FXTM Logo
    BlackBull Markets Small Logo
    ATFX Logo
    LegacyFX Small Logo
    IC Markets Logo
    Vantage FX logo
    IQ Option Logo
    City Index Logo