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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Another financial scam?

Another financial scam?

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1Another financial scam?  Empty Another financial scam? Thu Jun 27, 2013 3:22 am

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
By Amrith Gunasekara

From Sakvithi to Golden Key to the 20,000 unregulated financial institutions against the 31 financial companies regulated by the Central Bank, Sri Lanka has a large 'grey' if not black market. An unregulated forex brokerage has become the latest entrant to this 'grey' market.

Ceylon Today learns the forex trading brokerage company has started operations in the heart of the country's financial capital – Colombo, without obtaining the necessary approval from the Controller of Exchange.

A company by the name and style of FE Trading Company is aggressively marketing products ranging from US$ 500 to US$ 10,000 with 1:200 leverage trading options and secretly marketing forex trading products to Sri Lankans, while maintaining they are mainly handling Indian clients.

According to authorities, Sri Lanka's Exchange Control Act does not at present permit any operation of forex trading brokerage serving Sri Lankans or an office of forex trading brokerage that serves foreigners, unless such an entity is given special approval by the Department of Exchange Control. Similarly Sri Lanka's official forex association lists the licensed commercial banks, brokers and the primary dealers, who are allowed to handle forex operations. (http://www.srilankaforex.com/sri-lanka-banks.html)

The FE Trading Company had been operating from as early as March this year from the 19th Floor of the East Tower of the World Trade Centre in Colombo, next door to the commercial space of a reputed licensed stock brokering house dealing in the Colombo Stock Exchange (CSE).
However, according to available internet information, the company had recently launched its website titled www.fetradingco.com and mentions a contact number 011 5897100, while the customers are being directed to visit www.ufxmarkets.com. According to sources, currently a foreigner by the name of 'Iain' represents the company in the capacity of a Director, along with a Manager by the name of 'Isham', who first contacts Sri Lankan customers who wish to trade in the forex market. The company also says they represent the Asian Regional Head Office of 'UFX Markets' operating from Sri Lanka and handle clients from India, Singapore and Malaysia.


According to the 'who is database' of web registries, the FE Trading Company's website had been registered only on 13 March 2013 and will expire on the same date in 2015. The domain name www.fetradingco.com had been registered under a company called SVS Marketing India Ltd., housed in the United Kingdom at Barn 6, Dunge Farm, Macclesfield Road, Over Alderley, SK10 4SN, registered to a person by the name of De Havilland. Iain, having the email address iainjdehavilland@gmail.com and contact number 07780479195, is listed as the Administrative and Technical contact of the company.

However, the so-called mother entity of FE Trading Company – UFX Markets does not list any directors in its official website, but states they have worldwide branches in the United Kingdom, (Phone:+44.203.608.1558/Fax: +44.203.608.1559), France (Phone:+33.97.518.0057), Germany (Phone: +49.303.080.8240), Italy (Phone: +39.029.475.0321), Russia (Phone: +7.499.638.5977), Turkey (Phone: +90.212.414.1731), Romania (Phone: +40.31.814.2263), UAE (Phone: +800.035.702.407), Bahrain (Phone: +973.1619.9863), Japan (Phone: +81.34.578.0016), Hong Kong (Phone: +852.5808.2484), India (Phone: +91 44 405 12345) and Singapore (Phone: +65.3158.1715).

The company does not list Sri Lanka and none of the addresses of the head office in United Kingdom or other branches are listed in the official profile. Moreover, the UFX markets website had been registered privately on 3 November 2008 and expires on 3 November 2017, whilst the servers had been updated last on 11 July 2011.

When Ceylon Today inquired from the company as to whether they had obtained licence/registration from the Central Bank of Sri Lanka (CBSL), company officials stated they might go for a licence in the future, but admitted they have not yet been registered, adding they were operating a 'regional office'.

Controller of Exchange at the CBSL, P.H.O. Chandrawansa, on the other hand, told Ceylon Today, neither offshore forex brokerage serving foreign retailers nor offshore forex brokerage serving Sri Lankans is permitted unless they have obtained a special licence or approval from his department. He added the Department had not given special approval to any company in recent times and no company by the name 'FE Trading Company' was seeking approval from his Department.

"This is the second time Sri Lanka's World Trade Centre building – the Colombo Twin Towers, had allowed an unauthorized forex trading broker to operate by selling forex trading products," a stock market analyst said adding indirectly it creates a bad image to the country's only capital market – CSE and the World Trade Centre (WTC) of Colombo.

"I think Overseas Realty Management should look at their customers' profiles thoroughly before just selling commercial office space to these type of companies in the WTC," he noted.

Link - http://ceylontoday.lk/59-35690-news-detail-another-financial-scam.html



Last edited by UKboy on Tue Jul 09, 2013 12:29 am; edited 3 times in total (Reason for editing : amended the topic. (too long))

2Another financial scam?  Empty Re: Another financial scam? Thu Jun 27, 2013 3:41 am

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
Find the details from scambook.com


Omar Alhaj

VIP Account Manager

UK Phone: +44-208-1500778

Fax: +44-207-6811810



Omara@ufxmarkets.com



www.UFXMarkets.com


This account executive employees of the company have cheated me on atike trading toll tal $ 9850



UPDATE: 05/12/2013
Headquarters Office Address:
UFX Markets Global Inc.
25 Mason Complex, Stoney Ground,
PO Box 193, The Valley,
British Anguilla
Company Address:
Reliantco Investments Limited, Sozos Court, 3rd Floor, Office 301, 26
UPDATE: 05/13/2013
business listing
Email: support@ufm.com

Address:london

Phone:+44 020281500778

Fax:+44020276811810

Web Site:www.ufxmarkets.com

Account Manager omarh Alhaj


UFXMarkets
Complaint 235986 Details Scan your bills for fraudThumbs up 0 Thumbs down Flag
Date Occurred: 04/24/2013Reported Damages: $4,050.00Location: london
My account manger ( Alaa AlOmari ) call me to buy gold that recommendation will gain me more than 2000 in half hour . After that he connect to the broker to to buy gold recording to his recommendation but I surprised when I found that he bought a silver instead of gold . Over all he did not use stop lose and let me lose all my money


mohammad SBID #bcbbe94d4b
Posted 05/01/2013
Do You Have a Complaint?
Submit a Complaint
User Comments ▼
thumb up thumb down flag
samira SBID #d2da7468de Posted 05/12/2013
Hi there!
This company ufxmarket account manager has cheated me $ 10.100., I have sent to klagamål too.
feel free to contact the http://www.cysec.gov.cy/complaints_cifs_regulated_en.aspx.

Sincerely samira


thumb up thumb down flag
mohammad SBID #2b80161650 Posted 05/12/2013
hi samira
Did you get your money back yet?

http://www.scambook.com/report/view/235052/UFXMarketscom-Complaint-235052-for-$9,850.00

UFXMarkets
Complaint 233998 Details Scan your bills for fraudThumbs up 0 Thumbs down Flag
Date Occurred: 02/07/2013Reported Damages: $1,010,000.00Location: london
HELLO!
The 7/2 2013 has opened a trading account with the company. www.ufxmarket.com. first sent $ 700. and got a call from account manager named (sarhan transaminases) he begin to tell him to help me quite the way to trade. he has told me that the $ 700 is too small, I have to transfer more money to trade.
He has promised me to do and and Halper me and after 5 days I sent $ 2,000. He called me one day after that now is good we will together buy gold and gold we bought with all the money which was $ 270,000. he has told me will call you in two days.
ether two days he called me to know what has happen trade did not go well, he said back to me, you need more money, I'll show you this time how to win money. I've been disappointed I have told honnom you've deceived me now see me have total loss of $ 27,000.
he told me to take usualy I'll handle Dinna money that has loss on the trade, I have told him I have not done any trading alone only with you how I have loss so much money at once but you have promised me to be you help mig.sedan he says and says this time if you want to refund money

you have loss they need to get $ 7500000

he has cheated me the time too since I had to borrow money $ 750000 to handle the money that has förlutst, the account manager has promised me that he will help me and I'll win the double and I will be back the loan within two days, after some day I got a call from the company called me another account manager named omar Alhaj, the same as DChange account manager promises and promises to end I have lost all the money and this time has cheated me the company, they just work as a monetary wash.

I want like your help how can I get my money back from this company.
Sincerely samira

Anonymous SBID #d2da7468de
Posted 04/25/2013
Do You Have a Complaint?
Submit a Complaint
User Comments ▼
thumb up thumb down flag
sirgioo SBID #0e27eb0cb8 Posted 05/23/2013
they need money only while no help nor gain and no attention for complaints ( may god revenge for all victims of such ... company )


http://www.scambook.com/report/view/233998/UFXMarkets-Complaint-233998-for-$1,010,000.00

3Another financial scam?  Empty Re: Another financial scam? Thu Jun 27, 2013 3:54 am

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
company is located just next to TKS Securities next door in Sri Lanka. at 19th Floor, East Tower, World Trade Centre.

4Another financial scam?  Empty Re: Another financial scam? Thu Jun 27, 2013 6:09 am

econ

econ
Global Moderator
I got several calls from them when I registered online for fun.Very Happy:D:D:D

MarketWitch

MarketWitch
Stock Analytic
Stock Analytic
Link: http://ceylontoday.lk/59-36483-news-detail-is-this-not-a-financial-scam.html

More information and details of a major forex scam have surfaced about UFX Markets and its Sri Lankan affiliate marketing company that had set up operations in World Trade Centre, following Ceylon Today’s exclusive exposé published last week.

It had been reliably found – and we are in possession of documented evidence from various sources – soon after our report, FE Trading Company (Pvt) Ltd. had changed its landing page of the website highlighting that the company is a Business Process Outsourcing Facilitator to UFX Markets Global group. Accordingly, the website says, “FE Trading Company (Pvt) Ltd. (Company Registration Number: PV90769) is a Registered Sri Lankan Company operating as a Business Process Outsourcing Service Facilitator to the UFX Markets Global Group for the Central and South East Asia Region.”

Officials from the Exchange Control Department of the Central Bank of Sri Lanka, affirming that no company, even if it is a BPO of a forex broker, can market any forex trading products to Sri Lankan residents, said they will take necessary steps to investigate the ‘FE Trading Company,’ if such an operation is going on.

In response to the Ceylon Today exposé the FE Trading Company sent a Letter of Demand via Attorney-at-Law, Kosala Hiranthi Perera of 284/1, Rajasinghe Mawatha, Kaduwela, mentioning they are registered in Sri Lanka only as a registered business entity and currently function as a BPO providing local support services to UFX Markets Central and Far Eastern Asian Customers. However, Ceylon Today is in possession of evidence where the FE Trading Company had sent promotional campaign emails to a few Sri Lankans asking to contact Mohamed Mazlin – Account Manager via Toll Free number +91 44 405 12345, +91 44 7100 1555 and +91 44 7100 1561.

“They send me emails only mentioning Indian numbers, but when I asked for a company profile or who their directors are, they never gave clear details and continue to call me from their Sri Lankan number 011 5897100 and its extensions, saying they are not authorized to give their mobile numbers,” said a Sri Lankan, who did not wish to be identified, but who has fallen a victim to UFX Markets.

Another person, a resident in Sri Lanka, who was registered with UFX Markets website for a demo account said, he had been receiving several calls from the same individual ‘Mazlin’ and his immediate senior ‘Isham,’ to open a real forex trading account.

‘Iain De Havilland’, the person who has purchased the domain name www.fetradingco.com from a company called SVS Marketing India Ltd. had put further privacy clauses to his domain purchases soon after the Ceylon Today’s report as has FE trading company’s web server, fasthosts.co.uk, which is also host to another website called www.forexbulls.com that redirects to the http://www.ufxmarkets.com website.

FE Trading Company’s web server is fasthosts.co.uk and is hosted at the IP address 88.208.194.159.

Despite FE Trading Company being a regional campaigner of Forex Trading products of UFX Markets group as they say; Ceylon Today found the FE Trading had been only involved as an affiliate of UFX Markets, to promote its Forex Trading Products online.

Similar to many famous online websites and online marketing programmes, if anybody owns a website and would like to promote UFX Markets site, UFX Affiliates programme offers commissions to individuals, who start websites and promote UFX products.

According to officials of UFX Markets representing FE Trading Company, Sri Lankan customers and worldwide customers had been informed that UFX Markets is headquartered in Cyprus, a country that recently underwent a banking crisis due to its turbulent economy. However, UFX conducts its operations from the United Kingdom. Several victims around the world had also taken steps to complain, from early February to May this year to Cyprus authorities, including Securities and Exchange Commission of Cyprus, that they have been cheated by a person who goes by the name ‘Omar Alhaj,’ who is said to be a top marketeer for UFX Markets.

One of the world’s largest leading Complaint Resolution Platform for Consumers and Businesses – www.scambook.com - and several other internet resources note that UFX Markets is involved in a ‘Forex Scam.’ It raises questions about the genuineness of the business operations of UFX Markets, as the official UFX Markets website only lists an address titled UFX Markets Global Inc., #25, Mason Complex,The Valley, British Anguilla, with a telephone number 0207 0439547 and an India customer service number +91 44 405 1234.

The company, UFX Markets, does not provide information on who the directors of the company are or the proper addresses of its branches, except for telephone numbers. And, not even ‘FE Trading Company of Sri Lanka’ is listed as its regional office for Far Eastern Customers, according to the letter sent by Kosala Hiranthi Perera.

On the other hand, global internet resources outline that a person by the name ‘Omar Alhaj’ from the United Kingdom appears to be the VIP Account Manager of UFX Markets with UK Phone: +44-208-1500778 and Fax: +44-207-6811810 and the email address Omara@ufxmarkets.com.Surprsingly, the company is also said to be having another address at Reliantco Investments Limited, Sozos Court, 3rd Floor, Office 301, with the email address support@ufm.com and the above telephone number and fax number.

Several clients of UFX Markets had revealed in various internet resources that www.UFXMarkets.com is a scam and that ‘Omar Alhaj’ had cheated many individuals amounting to several millions of dollars. According to a source, Omar Alhaj of UFX Markets and his employees of the company have cheated one individual a sum of US$ 9,850, whilst another individual has lost US$ 4,000 and another had reported he lost over a US$ 1 million since Omar Al Haj defrauded them with some unauthorized trading transactions that were done in individual accounts.

6Another financial scam?  Empty Re: Another financial scam? Tue Jul 09, 2013 9:17 am

janakatk

janakatk
Senior Equity Analytic
Senior Equity Analytic
Okay what about these guys, they also do this and located in Sri Lanka.

http://www.admiralmarkets.lk

+94 772 811127 hotline | +94 112 809939 | info@admiralmarkets.lk

Email: info@admiralmarkets.lk
Skype: am-srilanka
Address: 126 C 1/3 A, Highlevel Road Nugegoda

Is this legal, one of my friend is going to invest with them ??

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