Alert: Scam using MCX name targets investors through Telegram, fake website

The Multi Commodity Exchange of India has issued a public warning against a scam operated by an entity named Khalda Parween using Telegram and a fake website to falsely claim association with MCX

 India’s leading commodity derivatives exchange Multi Commodity Exchange of India  (MCX) has issued a public warning to investors regarding a fraudulent entity impersonating its brand. Operating under the name “Khalda Parween”, the scam is being perpetrated through Telegram groups titled “Finance Specialist”, “Advanced Group (E..27)”, and a fake website hosted at xls.tusplid.com.

 

According to the Exchange, this entity is misleading investors by falsely claiming association with MCX and promoting illegal commodity derivatives trading. MCX has clarified that it has no connection whatsoever with these groups, individuals, or platforms, and has taken legal action by filing a police complaint.

 

"It may be noted that MCX is in no way connected to such entities. A police complaint is lodged in this regard.  It may be further noted that the entity named “Khalda Parween” operating through telegram groups named  “Finance Specialist”, “Advanced group (E.. 27)” and weblink “xls.tusplid.com” is neither associated with a  Member nor an Authorized Person of any of the Members of the Exchange.  

 

Investors are cautioned and advised NOT to trade on such illegal trading platforms in Commodity Derivatives  Market as the same is prohibited by law. Participation on such illegal platforms is at the investor’s own risk,  cost and consequences as such illegal trading platforms are not regulated by SEBI, the regulatory authority," said MCX in a statement.

 

What investors need to know: 

• The Exchange has made it clear that:
• “Khalda Parween” is not registered with MCX in any capacity—neither as a member, nor as an authorized representative of any member.
• The Telegram-based operations and the website in question are not regulated by SEBI, India’s capital markets regulator.
• Investors dealing through such unauthorized platforms are exposed to significant risk without any legal or regulatory protection.

 

No recourse for victims

MCX warns that those participating in such illegal schemes forfeit the following investor protections:

 

• Access to the Exchange’s investor protection fund
• Dispute resolution services through MCX
• Grievance redressal mechanisms supported by the Exchange
• This leaves victims vulnerable, with little to no formal recourse in the event of financial loss.

 

Growing Threat: Deepfake scams and social media Fraud

Authorities have also flagged the increasing use of deepfake technology and fake advertisements on social media platforms that lure investors with promises of high returns or “free tips.”

 

Investors are strongly advised not to fall for get-rich-quick schemes, and instead, verify the credentials of any trading platform or advisor. The official list of  MCX-authorized members and representatives can be accessed at https://www.mcxindia.com/membership/notice-board/Member-AP-Details

 

What to do if you have been targeted?

Report suspicious messages or ads at the Government of India’s Chakshu facility: www.sancharsaathi.gov.in

If you’ve already lost money, contact the cybercrime helpline at 1930 or file a complaint online at www.cybercrime.gov.in