Traders snared in forex scam
Two KZN women caught in a sophisticated online cryptocurrency and forex trading scam have appealed for other victims to come forward and lay criminal charges.
The first woman, an advocate who asked not to be named, said she had lost more than R1m and was in serious debt after she opened an account with MGM-Markets, a UK-based online trading company.
‘I saw an MGM-Markets advert on Facebook and went to have a look at the site. I opened an account and within a day a broker contacted me. Weekend Argus reports that she traded for three months ‘and it seemed I was getting great returns’. When I asked to withdraw the first time, they let me withdraw a small amount. Then I invested more.’
When one of her trades started going down, her broker phoned and said they had given her R300 000 credit. ‘I made the money back and then when I wanted to withdraw the profit, it became difficult.’
She blocked the broker, opened a criminal case and reported the matter to Action Fraud.
The second victim said believed she had doubled her money within the first week but has since lost R100 000.
Police spokesperson Lieutenant-Colonel Zwane confirmed two separate cases of fraud had been opened at different police stations and police would investigate.
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