Wrongdoers in China are trying to take advantage of the current vulnerable nature of currency traders in the country. KPMG, the administrator working on Alpari UK’s insolvency, issued a notification informing the public that a group known as ‘Alpari UK China Support Team’ were offering services to bewildered users. The news reinforces the fragile nature of governance in the emerging market nation.
The statement, issued on the 24th of March 2015, stated that the group were misusing the situation to offer help to clients. The notice states: “(KPMG) wishes to alert the Clients about a fraudulent China Support Team of the Company. A group called ‘Alpari UK China Support Team’ alleged that they are authorised by the Company to handle queries from the Clients of the Company in China and claimed that they can facilitate the communication between the Clients and the Joint Special Administrators of the Company in order to expedite the return of their client monies.”
The contact details of this fraudulent ‘Alpari UK China Support Team’ is: Email: Alparichina@qq.com & QQ number: 1984960563.
China is known for its signature replica FX brokers, where non-regulated firms disguise their operations to mirror a reputable or developing provider. With the latest fraud, culprits have taken deception to a new level with a Robin Hood-type approach coming in as a Good Samaritan with a hidden agenda.
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Details of the fraud were not mentioned, however with clients already in stress due to the insolvency, the group may be promising refunds for an upfront fee, thus causing further monetary loss to the traders.
KPMG provided details of the group by publishing their email address which is using a popular hosting firm, QQ, the firm added: “The Joint Special Administrators of the Company would like to declare that the Company and the Joint Special Administrators are not related in any way, directly or indirectly, to the so-called “Alpari UK China Support Team”. In addition, the Company and the Joint Special Administrators had never authorised such “Alpari UK China Special Team” to facilitate the communication between the Clients and the Joint Special Administrators of the Company.
KPMG provided the detail: “The contact details of this fraudulent ‘Alpari UK China Support Team’ is: Email: Alparichina@qq.com & QQ number: 1984960563.”
China, is one of the largest markets for currency trading and has been a magnet for wrong doings, over the years brokers have faced difficulties with the financial watchdog due to the lack of regulation for margin FX products. A number of brokers have been caught out due to local practises, with IronFX being the most recent provider that faced issues.