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A complaint from Pune investor Harshal Shantaram Pinjan has blown the lid off a jaw-dropping Rs 900 crore fraud linked to the OctaFx forex trading platform. The scam, which promised huge returns, mainly targeted folks with hearing and speech disabilities, leading to major financial losses. As the investigation heats up, authorities are teaming up internationally to tackle this widespread con.

Pune Investor’s Complaint Uncovered Rs 900 Crore Fraud Linked To OctaFx - Looma News

Octafx Linked 900 crore Fraud

Software Engineer

Octafx Linked 900 crore Fraud- Grapevine

Welcome to Indian Startups's Private Community

https://www.ndtv.com/india-news/two-indian-origin-start-up-executives-convicted-of-1-billion-fraud-in-us-3940938

Inflating Metrics anyone?

I was leading a team which was involved in launching BNPL for a commodity product( flight tickets/train tickets), and the API we were using to cancel the tickets at the last moment from the 3rd party providers was flaky. 
It was supposed to cancel the tickets and provide refund back to minimize any losses we had. 

It was such a hit feature that led to 250% growth in numbers within a week. I was promoted, the star. 
My manager was promoted too.. 

But I knew inside something wasn't correct, BNPL just meant people not paying then but still had to pay sometime and 250% growth was just not something I could digest. 

I asked the team to switch it off for a couple of days, the whole company esp. Revenue teams were baying for my blood. 

After a month, there was financial reconciliation, and we realised the API was just giving the response of successful cancellation but was never actually cancelling it. 

The company lost almost 15 cr / day. No one wanted to believe this at all from top to bottom

The company never told the investors we fudged up but instead raised more funding by mentioning the 250% growth. 

From then on I realised most investors are just watchmen. 

They want to be on the fast deal more than being on the correct deal. 

Don't believe anything on the internet that you read. 
Almost all GMV numbers are cooked.

Don't believe the numbers just as is

Product Manager

Recently a fraud has been exposed at MooFarms wherein the Head of Finance is blamed to have siphoned around INR 10cr, while he has registered an FIR against the founders for taking out the money by inflating the vendor invoices. What is your take, who can provide the insight?

Fraud at MooFarm

Product Owner

Paytm is becoming the Enron of India with so many allegations of fraud and compliance issues.

Paytm might've committed forex fraud

Software Developer

Fraud of 1700 CR, ED issues Lookout Notice

- WazirX customers unlikely to recover full funds after $234 million hack in July, says legal adviser.
- At least 43% of customer funds are unlikely to be recovered, with best case scenario being a return of 55% to 57%.
- WazirX seeks six months' protection from Singapore High Court while restructuring liabilities.
- Company in talks to share profit from revenue-generating products but no concrete details provided.
- Pressure mounts as CoinSwitch initiates legal action to recover $9.7 million worth of assets stuck on WazirX's platform. 

 Source: [Techcrunch](https://techcrunch.com/2024/09/02/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds/)

WazirX Customers Face Major Losses After $230M Heist

Journalist

PAYTM Payments Bank essentially asked to shut shop. 

Afaik here are the few implications
1. Stock market will react in a bad way to them
2. Worst affected are going to be FasTag users who bought from PayTM.
3. No deposits / credits allowed in any account. Withdrawal is allowed. 
4. UPI not allowed after Feb

Paytm gets a shock from RBI

That stock is about to crash so fucking hard. Thank god i got out. The crappiest IPO of this decade.

Growth Manager

At the heart of the current crisis at the proptech startup lies a flawed business model, sham prospective buyers and higher-than-usual payouts to brokers.

How Rahul Yadav bungled Info Edge-funded 4B Networks-The Morning Context

Rahul Yadav's 4B Network, what a scam! one of the best articles out there

Product Marketing Manager

FIR filed against Rahul Yadav. I think there will be a Netflix series on him someday.

Corporate Strategist

This seems like the Founders and the Head of Finance were together doing fraud. Founders are throwing the Head of Finance under the bus once they have been caught. Does anybody know what went about?
https://inc42.com/buzz/accel-mooofarm-police-complaint-finance-head-alleged-embezzlement/

Any gossip on Mooofarm (Accel backed dairy tech startup) fraud?

Project Manager

Welcome to Office Gossip's Private Community

Ftx  level crime

- Flipkart-backed Shadowfax Technologies is planning an IPO to raise Rs 2,500-3,000 crore.
- Promoters and private equity investors are in initial talks with merchant bankers, seeking a valuation of Rs 5,000-8,000 crore.
- In February, Shadowfax raised $50 million in a Series E round, valuing the company at Rs 3,000 crore.
- PE funds currently own 54% of Shadowfax, with Flipkart holding 16% and founders about 20%.
- Eight Roads Ventures is the largest shareholder with a 25% stake, followed by Nokia Growth, Mirae Assets, IFC, NewQuest, and Qualcomm. 

 Source: [Economic Times](https://economictimes.indiatimes.com/tech/technology/logistics-company-shadowfax-eyes-rs-3000-crore-ipo/articleshow/112456584.cms)

Shadowfax Technologies Plans Rs 3,000 Crore IPO

This news is a reminder that everyone who can move market in the stock market is a scamster. Just that some gets caught, others are enjoying till the party last.
The detailed SEBI report is an eye opener with WA chats screenshots

Zee Business Panelists' scam

Bharatpe saga continues

So on the first allegation here about the HR agency, have heard from a friend who worked there that it’s 100% true  
  
 There are paper records of new hires being rerouted through the relative’s HR firm

Analyst

How is this startup Rigi ? Heard they're doing 40-45Cr GMV/month and Profitable.

Program Manager

Are fintech companies not following the law or something else 

https://www.moneycontrol.com/news/business/economy/mc-exclusive-policybazaar-under-income-tax-scanner-for-kyc-non-compliance-12202471.html/amp

Another fintech giant under scanner

- WazirX's parent company Zettai Pte filed moratorium application in Singapore High Court on August 27
- Move seeks 'breathing space' for restructuring liabilities under scheme of arrangement
- Application follows $234.9M crypto heist last month, representing 45% of user funds
- Company plans to allocate impact of cyberattack pro-rata across users as unsecured creditors
- WazirX expects at least six months to consider restructuring plan and work with stakeholders 

 Source: [Inc42](https://inc42.com/buzz/wazirx-files-moratorium-application-before-singapore-court)

WazirX Files for Moratorium in Singapore Court After $230M Hack

What could they do to undo this downward spiral?

Octafx Linked 900 crore Fraud

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