Pakistani, Indian, Thai and even African companies are illegally running online casino, betting, money exchange and cryptocurrency businesses in Bangladesh mostly through social media platforms. According to our own investigation, we have identified the following companies which are involved in such illegal activities:
USDT Shop, mobile number 10965-385794 (this is illegal online money exchange center),
Ravi Exchange Company (Pvt) Ltd, Shop # 5, Ground floor, Tarar Market, Adjacent to Bank of Punjab, Tikka Chawk, Johar Town, Lahore, Pakistan, UAN 042-111-529-529, Toll free number 0800-36739 (Forge),
YT 87987, illegal fiat currency and cryptocurrency exchange,
Slot Mate, illegal online casino,
Axi, illegal fiat currency and cryptocurrency exchange,
Jinseng Khan (fairexch9[dot]com), Illegal betting site,
ExpertBot, illegal fiat currency and cryptocurrency exchange,
Silopk, Pakistani illegal online casino site,
Wise, illegal online money exchange,
BD Buy Sell, illegal online money exchange,
XM, illegal fiat currency and cryptocurrency exchange.
In addition to the above-mentioned sites, our reporters also have identified dozens of lottery, casino, and betting sites which are giving advertisements or publishing sponsored posts on Facebook targeting Bangladeshis. It is further learnt that, thousands of Bangladeshi nationals as well as expatriate Bangladeshis have already been cheated by these fraudulent sites.
According to Bangladesh Bank regulation, no one is allowed to run foreign currency exchange shops as well as online money exchange sites targeting customers in Bangladesh. But until now there is no action taken by the Bangladesh Bank or authorities concerned against those which are openly propagating illegal casinos, betting sites and money exchange services.
Earlier our reporters found several betting and scamming sites on Facebook, which were targeting people from Bangladesh. These are:
FTMO, which says, “Established in 2015, FTMO developed a 2-step Evaluation Course to find trading talents. Manage a $200k FTMO Account connected to the FTMO Prop Trading Firm”.
Contact addresses of FTMO are:
Email: [email protected]
Phone: +44 2033222983
FTMO Evaluation Global s.r.o.
Purkynova 2121/3
110 00 Prague
Czech Republic
ID: 09213651
VAT: CZ699005540
FTMO Evaluation US s.r.o.
Purkynova 2121/3
110 00 Prague
Czech Republic
ID: 09213741
VAT: CZ699005540
FTMO s.r.o.
Purkynova 2121/3
110 00 Prague
Czech Republic
ID: 03136752
VAT: CZ699005540.
This fraud racket also runs a website.
According to the website of ExpertOption – “Mobile Trading’ it says: We at ExpertOption have been working continuously to transform the traditional smart trading industry, in order to open the financial markets to everyone, everywhere.
“2020 has been a defining year for the ExpertOption platform, as we became one of the TOP-3 most downloaded financial apps worldwide on Google Play.
“With our Social trading feature ExpertOption has the potential to become a leading social trading network, thanks to more than 55 million registered users, and an array of innovative trading and investment tools”.
Our reporters have found that this fraudulent venture is registered in Vanuatu, meaning it has no real office anywhere in the world.
Commenting on ‘ExpertOption Mobile Trading’, Mark Hodge, Vice President (Operation), Kronos Incorporated said: “I have read some reactions about fraudulous activities by ExpertOption. Three months ago I became aware that I was also a victim of this criminal. They forfeited US$12.500 with the ladder-system while he cancelled my withdrawal. Despite we had negotiated the withdrawal approval on the phone because I had reached my turnover.
“When customer win profit then withdraw, ExpertOption refuses to pay (close your account and fool you with the contrived reason that you are against their terms and policy violation). Furthermore, ExpertOption cut customer’s trading asset profit from 90 percent down to 40 percent around if customer continue winning. This is wrong and its clear expert option is out to cheat traders on its platform”.
A victim of ExpertOption said: “They are scam I can prove that any time even what you need to is just open there app in 2 mobile phone at same time in same asset like Bitcoin and see the chart bid from both the device and in one device click on green tab on same price in other device click on red tab so you will see you will lose from both device hahaha why because the chat is not real they are making us fool”.
Another victim Vikash Kumar said: “This is a big scam. Don’t waste your money in this. If you have profit of some money then after your loss, your double and triple and many more money. I lost my approximately 200,000 Indian rupees in this.
ExpertOption victim Raquel Cochran said:
They are not transparent! I started trading with this broker about 5 months ago. I made an initial deposit of $2,400.
They tried to trick me into a bonus deal as a bonus of $120 was added to my account without even mentioning it to me. Immediately I noticed, I made sure I didn’t make any trade until the bonus was removed and I told them that I do not want any bonus in future. I was able to build my account to $5,120.
Then without my authorization, a bonus amount of $500 was added to my account again. I was really shocked and amazed by this action from this broker. I sent an email to them to remove the bonus which they did the same day but they placed a restriction on my account and made sure that I couldn’t make any withdrawal. I spoke with my account manager and he kept saying that I accepted bonus even though I have emails from them acknowledging that I refused their offers. He said I needed to reach a trade volume of $26000. Unknown to me, they made sure that my account became restricted. I kept on sending them emails about what I was experiencing, but got no response. 2 days later I could no longer log in to my account.
They ran off with my hard-earned money so please don’t invest with ExpertOption.
Another victim Kanchan Kumar Pandey said:
Please don’t involve in such a bullshit application it’s totally a cheaters group making fools of investors. I would suggest never trust such application it’s not a real digital trading. They will snatch all your funds with their trick and till you understand their fraudulent it will be too late and you can’t even withdraw your money. Waste of time and money.
Cyber Scam Review site said:
“Regardless of what they say on their platform, Expert option is indeed an unregulated entity. They are operating from India and are offering binary options instruments. Bonus and promotions conducted by them are also huge and newbies are the ones who usually fall for the trap. This platform might offer fancy things and trading tools along with educational material. However, at the end of the day, if you start winning too much, then they will ban you and that’s the cold reality. Moreover, a lot of their policies are biased and they have huge advantage at all times over their clients. Plus, the actual owners behind this firm are also operating from the shadows. Save yourself from a lot of hassles by avoiding them. In the future, if you want to trade, then look at regulated platforms only because at least they have the decency to stick to certain standards”.
