Forex trading is a good option and people do it for profits when the forex indexes change, and it is quite a beneficial trade. Forex trading has been somewhat debated as it may involve scams and frauds if done at a huge level or scale.
A London-based, former Citigroup trader is now suing the U.S. bank for more than 112 million USD, alleging it made materially false and malicious statements to the U.S. prosecutors that led to his trial in New York on foreign exchange-rigging charges in which he was nearly convicted. a former European head of Citigroup’s forex spot market trading desk, Rohan Ramchandani, alleged in a lawsuit that he filed on Wednesday 2nd October where he claimed that the Citigroup made false and “gravely derogatory” assertions against him to government investigators and the media after firing him in 2014 without cause. Citi is now being accused of fabricating a case against Ramchandani based on false allegations and also fabricating an antitrust case for the United States Department of Justice that he engaged in market ‘manipulation’ and ‘collusion’. The UK Serious Fraud Office (SFO) abandoned its own criminal investigation into currency rigging allegations in 2016, claiming it lacked sufficient evidence to proceed for a successful prosecution. Citigroup only pleaded guilty in May 2015 to conspiring to manipulate currencies just so that it could pin the blame on Ramchandani and to limit the consequences so that they do not reach their senior managers and officers, the former trader alleged.
It is still unclear what impact this news will have on the forex markets and what currency will be the most affected by this news.