Daily fraud update: 29th January

Chris Lee

Police in Russia open criminal investigation against alleged forex scammers

The Russian police force has announced it will investigate a group of people which it accuses of being foreign exchange scammers running an illicit web-based trading service.

According to a statement from the country’s Ministry of Internal Affairs, a number of alleged scammers have been taken into custody on suspicion of false representation – and also fraud.

It is believed that 40 flats were raided as part of the move, as well as a double-figure number of workplaces.

A range of documents and technology items were also taken away for examination.

In a statement, the Ministry said that the allegedly fake forex brokers – who supposedly impersonated the brokerage firm Larson & Holtz – had scammed a figure over 21m Russian rubles.

This is a figure is equivalent to around £250,000 and around $335,000.

“Fraud on an especially large scale. According to preliminary estimates, the damage from the illegal activities of pseudo-brokers exceeded 21 million rubles”, said Irina Volk, from the Ministry.

Larson & Holtz is based outside of Russia but is not authorised by the relevant authorities in Russia to operate there.   

So far, names of those taken into custody have not been released.

Research into OneCoin reveal further possible lies

The beleaguered crypto scheme OneCoin has been hit with more accusations of lies and fraud.

OneCoin, which has hit the headlines for its alleged high-value Ponzi scheme and for its missing founder and leader, has now been accused of using websites such as Quora and TrustPilot to post positive reviews.

According to the Digital Forensic Research Lab (DFRLab) think tank at the US-based AtlanticCouncil, the firm engaged in what has been described as an “astroturfing campaign”.

In just one month, the researchers claim, hundreds of top-rated reviews for the firm were posted on TrustPilot.

“Of the 579 reviews for OneCoin on the site, 90 percent were positive. Of the five star ratings, about 400 were published within the span of a single month”, the post states.

This pertains to October 2019.

Overall, however, the researchers concluded that it was not possible to pin the blame for the posts directly on those behind OneCoin.

It was also apparently not possible to determine whether the reviews were the consequence of automation or whether they had been specifically created by a person.

“While there was no direct evidence tying these inauthentic profiles and reviews to OneCoin employees or evidence of automated activity on either platform, the profiles and favorable reviews nonetheless served to boost trust for the OneCoin brand as it faced a multibillion-dollar scandal”, the report said.

Ruja Ignatovaa, who went missing as the scandal broke, has still not been found.

Known as the “Crypto Queen”, she has now become the subject of many news articles and other media investigations into her and her firm.


Chris Lee

Latest news

Is It Time to Test the Crypto Waters Once Again as Bitcoin Rises?
Bitcoin, the most popular cryptocurrency across the planet, has surged dramatically during mid-July, reversing its downward trend and powering past $41,000. Read more
Be Wary of Phony Lawyers Pushing Fraudulent Forex Recovery Scams
Have you ever lost money because of a crooked forex broker? Have you regretted those losses until a nice lawyer called you on the phone and promised the recovery of your losses for no upfront fees? Hope does spring eternal in these situations, but, unfortunately, the lawyer is a phony. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
BEST FOREX BROKER Visit broker
5
#2 ForexTB logoYour capital is at risk Founded: 2015 Global Forex & CFD Broker
Number One Broker
LOWEST FEES Visit broker
4.9
#3 Tickmill forex broker logoYour capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#5 Forex Broker Pepperstone LogoCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9

    Forex Fraud Certified Brokers

    Forex.com Logo
    BlackBull Markets Logo
    LegacyFX Small Logo
    AvaTrade logo
    HYCM Logo
    OctaFX Logo
    IC Markets Logo
    Vantage FX logo
    ATFX Logo
    City Index Logo
    skilling logo
    Pepperstone
    Plus500 Small Logo
    IQ Option Logo
    XM Logo
    Exness Small Logo