Businessman duped of ₹37.8 lakh in fake UK-based forex trading scam
Woman, cousin accused of luring victim through fake IEXS trading app
HYDERABAD: A Hyderabad businessman was allegedly cheated of ₹37,81,358 by fraudsters who operated a fake online trading platform claiming to be based in the United Kingdom. Miyapur police registered a case following a complaint filed by Shaik Sardar Vali, 54, a resident of Miyapur.
According to the complaint, Vali came into contact with a woman identified as Vallabhaneni Harika Reddy and her cousin Vallabhaneni Vamsi, who introduced him to an online trading platform called IEXS Foreign Trading in June 2025. They claimed the platform offered high returns and guided him to download an app through the link https://www.iexsinfq.com.
Investments and fake profits
Vali was initially convinced after earning a small profit of ₹4,000 from an early withdrawal, following his first investment of ₹40,000 on June 21, 2025. Gaining confidence, he made multiple transfers totalling ₹37.8 lakh over several weeks to various bank accounts provided by the platform’s customer service. Each transaction was accompanied by assurances of high profits and normal procedures for international trading.
By August 20, 2025, his account allegedly showed a profit of USD 1,03,764 (around ₹83 lakh). When he attempted to withdraw USD 6,520 (₹5 lakh), he was told that a 30% “income tax” needed to be paid under Reserve Bank of India rules. Believing this, he made several further transfers totalling over ₹26 lakh as purported “tax” and “conversion fees”.
Suspects blocked contact
After completing the payments, the platform demanded an additional 10% “conversion fee” to release the funds. When Vali contacted Harika Reddy for clarification, she blocked his number, as did her cousin. Realising he had been defrauded, he lodged a complaint through the national cybercrime helpline (1930) and later approached Miyapur police.
Investigators said the accused created a fake trading app to show virtual profits and trick victims into transferring more funds. Police have booked the suspects under relevant sections of the Indian Penal Code and the Information Technology Act. Efforts are on to trace the beneficiaries of the fraudulent accounts.
