'Stay safe from scammers': MCX warns investors against fraudulent platform ‘Wolf Street’

The Multi Commodity Exchange of India Ltd (MCX) has warned investors against engaging with a fraudulent trading platform operating under the name “Wolf Street”.

In a press release Tuesday, MCX has flagged weblinks “wolfstreet.co. in” and “m.wolfstreet.co in”, along with the app “Wolf Street” and a related APK file hosted on a third-party site. The entity behind these platforms is allegedly misusing the MCX brand to lure investors into unauthorised commodity derivatives trading.

The exchange clarified that it has no association with these entities, and none of the persons or firms behind Wolf Street are registered members or authorised persons of MCX. A police complaint has been filed in this regard.

MCX cautioned the public that trading on such illegal platforms is strictly prohibited by law. Since these operations are not regulated by the Securities and Exchange Board of India, investors using them would not have access to standard protections such as dispute resolution, grievance redressal mechanisms, or investor-protection benefits offered under MCX’s jurisdiction.

The MCX warning comes in the wake of rising cases of online trading scams exploiting India’s growing retail investor base, especially in commodity and derivative markets.

The exchange also warned investors to remain vigilant against misleading advertisements on social media and other platforms that may promote such services using fake videos or celebrity endorsements created using deepfake technology. "MCX has warned investors of fraudulent advertisements of stock market/trading/free tips displayed on social media apps. They may use deepfake videos and images. Never fall prey to greed. Stay safe from scammers," the release read.

MCX also advised the public to verify the credentials of trading platforms and individuals before engaging in any transactions. Details of authorised trading members can be accessed on the MCX website.

Suspected fraud can be reported via the Central government’s Chakshu facility at www.sancharsaathi.gov.in or on the cybercrime helpline 1930 and www.cybercrime.gov.in.