Indian Police Warns of Fake Forex & Jewellery Investment Apps in "Bull Forex" and "Wwake Jewellery Investment" Cases

The Indian Cyberabad cyber crime police recently received two cases involving the "Bull Forex" and "Wwake Jewellery Investment" apps, highlighting the growing risks of fraudulent forex trading and jewellery investment schemes.

In the first case, 51-year-old Sudheer Kumar reported investing Rs 150,000 in the Bull Forex app, promoted by a broker named Vipin Kumar. Although the app initially showed a balance, the victim was informed that he needed to pay an additional Rs 100,000 for tax purposes when he attempted to withdraw funds. Upon his refusal, the broker became unreachable, and the victim was left without access to his funds or the app. 

In a separate incident on October 28, 2024, the victim Dheeraj Yadav filed a complaint against the Wwake Jewellery Investment app. Yadav reported downloading the app in early March and initially investing Rs 8,700 via PhonePe, linked to his SBI account. He received small payments of Rs 520.60 for two days but was promised daily returns of Rs 548 over a 50-day period. When payments stopped reflecting in the app, Yadav realized he had lost a total of Rs 98,354.

These incidents occur amidst the updated alert list from the Reserve Bank of India (RBI), which flagged new unauthorized forex trading platforms. Police are investigating both cases and have urged the public to remain vigilant and avoid installing high-risk, unregulated apps.

BrokersView recommends staying informed and exercising caution to avoid falling victim to such fraudulent apps.