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Forex trading firm dupes investors

india Updated: Jan 12, 2011 01:49 IST
Darpan Singh
Darpan Singh
Hindustan Times
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Close on the heels of Gurgaon's Citibank fraud case, a scam running into crores of rupees has come to haunt investors in Noida.

Staffers of EndMark Forex Group, a global company providing foreign exchange trading services, have "deserted" their India office in Noida's sector 62. The local office used to "seek investments" from people across cities, promising "hefty returns."

After payouts stopped and phone calls were not answered, a group of investors on Monday night reached the office in sector 62 and found it locked. The investors' losses vary from Rs30,000 to Rs30 lakh. About 100 of them have so far approached the police.

The company has its research centre in Houston, a training centre in London and a business development centre in Hong Kong. SP (city) HN Singh said, "We're probing if the irregularities committed are limited to the India office or more people are involved in the fraud."

The police lodged an FIR against directors and main accused Mayank Gupta and Dipanshu Aanand, besides Ravindra, Neha Chauhan and Archana – associated with promotional activities. The police also sealed five accounts opened with HDFC, ICICI and Axis banks. The addresses mentioned by Gupta, a native of Kanpur, in bank account details have been found to be fake.

Singh said, "We are trying to contact the London office. Unless the accused is arrested, the exact amount of the scam cannot be ascertained."

"The company claimed it provided excellent investment opportunities to retail and institutional investors. It claimed it provided 1% return every day on the invested amount up to 320 trading days. But it suddenly shut all communication lines and fled with the money," said a police officer probing the case.