Forex Achievements is an investment management firm specializing in foreign exchange, and currently under fire for having allegedly operated a scam that may cost investors millions of dollars. Although the site, forexachievements.com, can be traced to the U.S., the company seems most popular in India, and has been flagged by the country’s Reserve Bank.
The company had claimed it was registered under the RBI, the country’s central bank, which encouraged deposits from investors. However, in a statement this week the RBI denied the claims, saying M/s Forex Achievements was in fact unincorporated and was in no legal position to accept deposits. People were warned not to do any business with the company until further information became available.
An authentic-looking Certificate of Registration from the RBI appeared on the Forex Achievements site, stating that the company registered in April 2010 (although it claims to have been around since 2004) and bearing the registration number 07.00410, lending them some credibility and urging thousands of people, including foreign individual investors, to take up their offer. These certificates are required for companies to be able to do business in India, including the acceptance of deposits.
However, the certificate has been confirmed by the RBI as fake, and under the Reserve Bank of India Act of 1934, the company may be subject to investigation and charges by concerned authorities. The public has been warned to withdraw from any contracts entered with the company, and reminded that any deposits made at Forex Achievements and other unregistered entities are at the investor’s own risk.
Forex Achievements promises investors large returns in a short time frame, and encourages them to invest more by saying larger deposits will yield exponentially larger returns. However, the government has received several complaints from people who have allegedly been denied the returns promised, or who have not heard from the company since depositing their money, spurring questions from authorities and the public alike.
To make sure your investments are safe, make sure to check the company’s name with local authorities and see if they are registered before handing over any money. In India, these names are available on the RBI website’s NBFC list and the Ministry of Corporate Affairs for non-financial entities. In the U.S., a similar service is available from the Better Business Bureau, which provides separate lists for companies that have met industry standards and those that have been flagged or been the subject of complaints.