Investigating BotBro - The Mastermind of Alleged INR 800 Crore Forex & Crypto Trading Scam

BotBro is a Dubai-based forex broker that has continued to grab headlines for years, with its name being involved in one scam after another. In the latest episode, its name was found in the alleged INR 800 crore forex and crypto trading scam in Goa. Top-level agencies, including the Enforcement Directorate (ED), are investigating the case. They have labeled the platform as a Ponzi scheme. The platform is disguised as an AI-powered forex trading app. In connection with this case, the Goa Police Economic Offences Cell (EOC) filed a First Information Report (FIR) against 10 individuals, including the company owner, Lavish Chaudhary Alias Nawab Ali, for fund misappropriation worth over INR 7.3 crore. Read on as we share the BotBro review in this article.

Group Companies Involved in INR 800 Crore Scam

These include-

• BotAlpha
• MineCrypto
• QFX Trade Ltd
• Yorker Capital Markets

FIRs Against 10 Individuals, Including BotBro Chief Lavish Chaudhary

At the start of April 2026, the Goa Police Economic Offences Cell (EOC) filed a First Information Report (FIR) against 10 individuals, including the company owner Lavish Chaudhary for fund misappropriation worth over INR 7.3 crore.

SP EOC Arshil Aadil stated that the FIR was registered against these based on a complaint from Poonam, a Goa-based resident. According to the complaint, the accused scammed the individual to as high as INR 7.3 crore. All ten accused are reported to have lured their clients in Goa, including Poonam, into investing on the platform by promising them high and guaranteed returns.

A Fraud Case Worth INR 2.73 Crore Against BotBro

In Feb 2026, Khanapuram Haveli police in Khammam city nabbed four individuals for scamming four investors worth INR 2.73 crore in the name of online investments. ACP (Town) SV Ramanamurthy, while briefing the media, reported that the police arrested these due to their suspected involvement in a multi-level marketing-led fraud network that included BotBro and its group companies. The network allegedly collected a large sum of funds from innocent investors.

The police report claimed that BotBro and its agents scammed many investors by promising assured monthly returns of 9-10%. The names of the accused arrested in connection with this include Bhukya Sridhar Naik, Neelakantham Siddhu, Tejavanth Upender and Vankudoth Suresh.

The Trick Employed by BotBro and Associates to Defraud Investors

BotBro taps into social media platforms to propagate its alleged fraudulent investment schemes. The owner reportedly made a series of videos prompting users to invest in his platform to make quick and sharp gains.

Basically, the network runs on these five promises, which, according to the users, have turned out outright false.

Fake AI-based Trading Promises

The company introduced an AI-based BotBro trading platform, claiming large profits through automated forex trades.

Commission-based Referral System

This is believed to be the BotBro groups masterstroke in expanding their network worldwide, especially in India. Through this system, it offered incentives and commissions to users who refer clients to it. It was like a pyramid scheme developing in the background.

Aggressive Promotions

Paid social media influencers and financial experts claimed to have made handsome returns on the BotBro platform, allowing it to penetrate deeper in India.

Luxury Dreams

The group enticed investors with luxury trips, SUVs and many more.

Did Investors Receive Their Funds Back?

There is no report of direct recovery so far. However, the Enforcement Directorate, in its multi-location raid in 2025, confiscated around INR 170 crore from BotBro.

User Complaints Against Yorker Capital Markets

Several traders have complained about failing to withdraw funds from Yorker Capital Markets, a BotBro group company. Here are some of them to look at.

Fund Worth INR 7.5 Lakh Trapped for Five Years, a Trader Claimed

An India-based user in 2024 reported that Yorker Capital Markets failed to honor a withdrawal request worth INR 7.5 lakh for five years while sharing the review of this BotBro group entity. Check out the complaint written in both Hindi and English.

Fake Trading Shown on the MT5 Platform

Multiple traders claimed that the trading numbers shown by the BotBro group company on the MetaTrader 5 (MT5) platform are indeed false. The user added that investing in the platform will likely lead to capital losses. Check this BotBro review for more insights.

Deposit Fee Demand for Lifting Withdrawal Blocks

The BotBro group company demanded a deposit fee of $125 to unfreeze withdrawal blocks, according to multiple complaints filed on WikiFX, a leading forex broker regulation inquiry tool. Here are their reviews on this critical issue.

BotBro Review by WikiFX: Is It Real or Fake?

BotBro continues to receive thumbs down from traders due to its alleged malicious trading tactics, involving a high and guaranteed return lure. While returns can be high in forex and crypto trading, they can never be guaranteed. They change based on news and overall trading volume in different forex pairs. Believing the guaranteed return, many invested but could not realize it on the BotBro login in real-time. With no license, the risk for traders obviously goes up significantly. As a result, the WikiFX team could only give it a score of 1.45 out of 10.

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