From NSFX to Alchemy Markets: how Nicky Gope Kundnani recycled a collapsed Forex scam under fresh names

Investors from Ukraine and 14 other nations say they’ve been burned by structures tied to businessman Nicky Gope Kundnani. Their message to the industry? A protest at iFX EXPO Dubai 2026—the premier international gathering—where they aimed to expose the losses they say they’ve suffered.

According to members of the initiative group, the problems began during the COVID-19 pandemic, when investors massively entered the Forex market in search of financial stability. At that time, many entrusted their funds to the payment system Blackthorn Finance and the broker NSFX.

«We entrusted our funds to the payment system Blackthorn Finance and the broker NSFX, believing the promises of reliability, transparency, and professional management», — says the coordinator of the initiative group, Anna Kovalenko.

Later, as the victims claim, it became known that key decisions in both structures were made by one businessman — Nicky Gope Kundnani, who controlled the financial flows.

«Essentially, all key decisions were made by one person who managed both the business and the flow of funds», — note the investors.

In 2023, the British regulator introduced external administration in Blackthorn Finance due to violations in the field of anti-money laundering. In 2024, the Ukrainian regulator recognized NSFX as an unreliable investment project with signs of fraud, after which Blackthorn Finance began the procedure of voluntary bankruptcy.

As a result, thousands of clients lost access to their funds and still cannot retrieve them.

«Our funds have not been returned. Companies and private investors have been trying for years to gain access to their money», — emphasizes Kovalenko.

The victims claim that after this, the business essentially continued operations under new names: NSFX was renamed to Alchemy Markets, and the payment infrastructure — into new structures associated with a Swedish company.

«It creates the impression that nothing happened, although behind this are the losses of hundreds of people», — add the members of the initiative group.

Also, according to them, part of the activities is being transferred to the USA through the company FDCTech, which may create risks for new investors.

Currently, the initiative group unites more than 140 victims from different countries. The amounts of losses range from tens of thousands to over a million dollars, and investors continue to demand the return of their funds.