Kamaxi Forex Scam is a nexus between police, politicians and government servants claims investors

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The duped investors of the Kamaxi Forex has filed a petition in the High Court of Goa citing the nexus between police, politicians, and government servants and demanded the fair investigation by CBI in this case. Kamaxi Forex has allegedly cheated more than 500 investors to the tune of Rs. 55 crore which took place right under the nose of government and police system claims the petition. Is there is any substance in this case? What action HC taken on this? Read the complete report here.

[su_expand more_text=”READ MORE” less_text=” ” height=”0″ hide_less=”yes” link_style=”button” link_align=”center”] Kamaxi Forex cheating case is one of the biggest Forex scams of Goa that took place right under the nose of government and police department. More than 500 investors have duped by the owner of Kamaxi Forex to the tune of rupees 55 crores. All investors are said to be seamen who invested their hard earned money in this company.

Although the accused had surrendered before the Goa police and the case is pending before the Margao JMFC for the bail of the accused, but there is no sign of recovery of the duped money. According to the sources, the chances of recovery seems to very dim since the accused do not have any money left in his accounts that submitted before the investigation team.

Now the investors feel that there is an existence of a nexus between the Police, Politicians and Government servants who let these things happen by neglecting it. Based on the above calculations the inventors had filed a petition in the high court appealing to hand over this case to the CBI. Acting on the grievances of the duped investors the High Court has issued the notices to government and other respondents in the petition filed by investors in alleged cheating in Kamaxi Forex Private Limited case.

In the petition, the investors sought an investigation of the case by CBI. Based on the charge sheet filed by the EOC (Economic Offenses Cell) of Goa Police before the CJM (Chief Judicial Magistrate) Margao. The owner of Kamaxi Forex, Nilesh Raikar and his wife Nilima and mother Rekha were charged with alleged misappropriation and cheating of investors to the tune of Rs55 crore by the economic offense cell of Goa police.


Investors have prayed for quashing or setting aside final report (charge sheet) filed under Section 173 of the Code of Criminal Procedure (CrPC) in the case before the Margao Judicial Magistrate First Class. According to the sources, the case of investors has been handled by Advocate Arun Bras De Sa from Margao, who has filed the petition in the High Court seeking the notices to be issued to government and police in this matter.

Speaking to the media Adv. Bras De Sa, who is the counsel of eight petitioners, said that the court had issued notices to government and Goa police on the matter. The argument of the complainant is that police are not investigating the case in a fair manner, and hence the investigation needs to be transferred to an independent agency for the sake of justice so that truth surfaces.

The petition claims that the petitioners who are also inventors have a bona fide reason to believe that the investigations have been misdirected on account of the unholy nexus between the alleged accused, police officials, Central government, state government officials, politicians, hawala operations, etc.

While pointing out that investigation being carried out by the Goa police is total, one-sided, biased and mala fide, the petitioners also stated that the investigation officer has deliberately not investigated into the matter which culminated in the filing of a vitiated charge sheet. “No investigation has been done/commenced to investigate if the Reserve Bank of India has initiated any action against Kamaxi Forex and its managing director Nilesh Raikar and directors Nilima and Rekha for falsely representing that they had been granted the license to accept fixed deposits,” stated the petition.

Now since the High Court acted very swiftly on the petition of investors this matter may get some light of justice. Investing with such agencies anyway carries a lot of risks but the people of Goa are very innocent, and they trust others very fast. The advantage of this situation has been taken by the accused but not without the support politicians and government servants. According to the law Forex agency does not have rights to accept the investments in whatsoever form. Please leave your valuable comments on this issue.

Source: TNN


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