Beware: Another Victim Of Finalto Clone Scam

A software expert from Bachupally, Hyderabad, was the latest victim of a sophisticated FX trading fraud, losing INR 45 lakh after being duped via a dating app. A woman acting as a doctor staged the deception, which led the victim into a fraudulent currency investment scheme with the promise of big profits.

How the Scam Went Down

According to a Times of India article, the 36-year-old victim first met the fraudster, Vinni alias Vineetha Agarwal, on a dating site in January. She convinced him that she was generating significant income through forex trading while claiming to be a doctor with intentions to start a hospital. To earn his trust, she sent him to www.finaltofx.com, a clone of a well-known forex brokerage, and persuaded him to deposit INR 50,000.

The platform faked gains, causing the victim to raise his investment. Vinni's reassurances encouraged him to borrow money through mutual fund withdrawals, personal loans, and family donations, expecting he would soon see big returns.

The Trap is Tightening

Vinni insisted that the victim wait for withdrawals until she approved, while the investments rose. When he sought to cash out in February, the platform requested a 20% conversion charge. He obliged, trusting the process, only to discover that he was locked out of the account. Vinni vanished, and the website became unavailable, proving the deception.

The Legit Finalto

How WikiFX App Helps You Avoid Scam Brokers

To prevent falling for unregulated or cloned forex brokers, traders can use the WikiFX App—a powerful broker verification tool. WikiFX allows users to check broker legitimacy, regulatory licenses, and risk levels before investing. The app provides:

✔ Regulation Checks – Verify if a broker is licensed by top financial authorities.

✔ User Reviews & Complaints – Read real trader experiences before investing.

✔ Clone Broker Warnings – Identify fake platforms imitating legitimate brokers.

✔ Risk Scores – Assess the brokers credibility with comprehensive risk ratings.

Before depositing funds, always verify the broker on WikiFX to avoid scams like the Finalto clone fraud.

An Investigation is Now Ongoing

Cybercrime police in Cyberabad have initiated an inquiry to track down the culprits of the Finalto clone fraud. Authorities have encouraged investors to be cautious, warning of an increase in fraudulent investment schemes tied to dating applications.

How to Prevent Forex Scams

✔️ Verify Investing Platforms - Use only RBI-approved platforms or registered Demat accounts.

✔️ Beware of Unrealistic Returns - Promises of high profits frequently signal fraud.

✔️ Avoid Borrowing for Investments - Scammers may persuade victims to invest more, making recovery difficult.

✔️Be Cautious on Dating App - Since scammers often use emotional manipulation to gain trust.

With forex frauds on the rise, remaining attentive and performing comprehensive research before investing is critical. Only trade on regulated and reputed sites to protect your cash.