Forex scams in India share a handful of tells: guaranteed returns, pressure to send money quickly, and a total absence of RBI-authorised paperwork. Learn the pattern and you'll see the trap coming.
01
The five red flags
- 1'Guaranteed' monthly returns — no legitimate forex business promises this
- 2Telegram or WhatsApp-only onboarding — no office, no branch, no paperwork
- 3Pressure to remit quickly before a 'rate change'
- 4Withdrawal fees that weren't disclosed at signup
- 5No mention of RBI, FEMA, or FFMC licensing anywhere on the website
02
The three checks that take two minutes
01
Step 1
Verify the RBI authorisation number
Every legitimate dealer has an RBI authorisation number starting with FE.CO.FID. Check it on rbi.org.in under 'List of Authorised Persons'.
02
Step 2
Find a physical address
Put the address into Google Maps and Street View. A real forex dealer has signage, a reception, and an audit-accessible office.
03
Step 3
Read the first 50 Google reviews
Look specifically for complaints about 'withdrawal delays' or 'customer support ghosting'. One or two is normal — ten or more is a pattern.
File an FIR with your local cyber cell, report to RBI via the Complaint Management System at cms.rbi.org.in, and alert your bank to flag the receiving account.
