+ A
A -
Satyendra Pathak
Doha
Doha-based foreign currency (Forex) experts have advised Qatari residents to avoid unauthorised Forex sites, which promise attractive returns for investments, and inform the police if they have fallen prey to such online scammers.
When queried by Qatar Tribune over mushrooming of Forex scam sites in cyberspace and several cases of Qatar-based investors falling prey to elaborate Forex scams, a top banker said,"Although Forex fraud cannot be totally avoided, falling prey to them can be prevented. The sooner a case is reported to the police, the better are the chances of catching the fraudsters."
Although the global financial market is plagued by all kinds of investment frauds, the official said, Forex frauds are more prevalent.
Forex scam sites deceive gullible people into investing their money with them by promising high returns within a short period of time, the expert said, advising Qatari residents to avoid them as they do not play by the rules. Banks have no authority to monitor operations of such sites, he added.
"Investors should only deal with licenced and regulated Forex sites as they operate on a code of conduct and have ethics," he said.
Adarsh Shenawa, a Forex expert at Al Zaman Exchange, said,"Forex trading scams are on the rise and virtually anyone can fall prey to such scammers. Do not let your hard-earned cash be easy profit for unscrupulous brokers. Select your Forex broker wisely. Choosing the right broker will go a long way in ensuring your investment is secure." He also advised victims to report the matter to the police without any delay.
While many sites associated with online Forex scams have been closed down after the numerous lawsuits against them, a number of them are still operational.
Such Forex sites have left many Doha-based investors in lurch after promising them quick returns.
"I was quite impressed by the elaborate presentation by a Forex site and it looked quite genuine in the beginning. I invested my hard-earned money expecting good returns as assured by them. After a few days, I found out that there was no money left in my account. When I called, they didn't give me any convincing reply," a Doha resident said.
"When I called them again, they asked me to invest more to get a profit," the investor said.
"Now, I don't believe them. I have lost my hard-earned money. I don't know what to do," he said.
When probed by Qatar Tribune about Qatar-based investors falling prey to Forex scams, an official at the cyber crime investigation cell at the Capital Police said that all such victims should report the matter without any delay.
Though the number of such cases cannot be revealed, the official admitted there were cases of Forex trading scams.
The official said that if required, the matter can be referred to economic offences wing of the Criminal Investigation Department (CID) for further procedures.
