Forex trader files a lawsuit

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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.

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The winner of the title Mr. Pune 2009, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called ResearchNReports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Market Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and Researchmoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. Research Moz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”