The supposed online broker EmiratesFX24 sells itself as a trustworthy platform for online trading. However, there is ample evidence that there are significant shortcomings at EmiratesFX24. More and more investors are reporting telephone terror, rip-offs, and investment fraud in connection with EmiratesFX24. Investors have lost all their capital invested with EmiratesFX24. Doubts are spreading. Meanwhile, many investors of EmiratesFX24 are afraid that it is investment fraud. All EmiratesFX24 investors are wondering if they have become victims of investment fraud? And what can EmiratesFX24 investors do if the suspicion of investment fraud is confirmed? Will EmiratesFX24 investors get their money back? Does it make sense to file a criminal complaint against EmiratesFX24 with the police? What help is available for investment fraud?
EmiratesFX24: Shady promises on the website
What are unsuspecting traders being served up on emiratesfx24.com? "Our goal is to create a safe trading environment for our client's success in the markets...As an EmiratesFx24 client, you will find the convenience of trading with the broker preferred by traders of all skill levels...EmiratesFx24 offers 24/7 multilingual customer support...Whether you wish to contact a representative via live chat, phone, or email, our customer support is available 24/7 on business days." This is just a small sample of the implausible promises that interested parties can find on EmiratesFX24's website. None of these lofty promises made by EmiratesFX24 have been kept. Unpleasantly, the dubious business practices rather make for disappointed investors and bad experiences!
EmiratesFX24: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the EmiratesFX24 makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If one takes a look at the domain data of the website of EmiratesFX24, there are no references to the operators to be found. However, one learns that the domain was registered with NameCheap, Inc. only on 12/23/2020.
EmiratesFX24: Who is behind it?
Answering this question will be rather difficult for many investors, as the EmiratesFX24 makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators mostly operate several of these websites with the same fraudulent business model. These are created in advance, quickly put online, and just as quickly shut down. The top-level domain is often changed to deceive financial regulators and law enforcement agencies. But who is the operator? On the EmiratesFX24 website, there is only sparse information about this. The company Axis Solutions LTD. with the business address 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica is stated, but the makers of EmiratesFX24 cannot be found under this address. In addition, there is the obligatory support email address and the phone number +37257844491 from Lithuania.
EmiratesFX24: The customer acquisition of the investment fraudsters
Here the same procedure is found again and again: To attract new investors, the offers of EmiratesFX24 are propagated in all possible media and channels. Often, these are inaccurate claims. To increase the effectiveness, they upload videos on Youtube or Vimeo, in which prospective customers are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with the erroneous reference to the TV show "Die Höhle der Löwen". With the same goal, a mostly aggressive affiliate program is launched to motivate others to intensively promote EmiratesFX24.
EmiratesFX24: Criminal Business Practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Usually, the investors start with a small sum as employment. Beforehand, investors are also often motivated to install remote maintenance software, such as AnyDesk or TeamViewer on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is subsequently manipulated and unwanted transactions are carried out. Investment fraudsters also frequently gain access to their victims' online banking in the process. What is particularly criminal, however, is when supposed profits are displayed on the trading platform to entice the customer to place further high stakes. In some cases, even small sums are returned to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?
EmiratesFX24: Repayment of money is subject to conditions
Once in, an exit is mostly impossible. Rather, the administrators of the investment scammers tie the repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, it would come to the disbursement of the allegedly obtained profits. The perpetrators send the investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. A clearing with the allegedly obtained profits is never possible. If an investor refuses further deposits, alleged profits are converted by senseless transactions into losses and the customer is maximally damaged. This is not the end of the horror, but investors are permanently confronted with calls from other dubious providers. This indicates that the contact details of the investors are further traded among the investment fraudsters. In the end, a "savior" regularly comes forward, claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course, the "savior" also wants a small fee - in advance!
EmiratesFX24: Scheme of investment fraud?
There is no regulation of the EmiratesFX24 trading platform. EmiratesFX24 lacks the regulation of a recognized European financial regulator, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no approval from the Swiss Financial Market Supervisory Authority (finma), which is responsible for Switzerland, or the Financial Market Authority (FMA) of Austria. For this, there is a warning from the Comisión Nacional del Mercado de Valores (CNMV) dated 20.09.2021. This is the Spanish supervisory authority for the financial market and financial services. It is easy to see that EmiratesFX24 is a scheme of capital investment fraud. All traders harmed by EmiratesFX24 are advised to consult an investment fraud lawyer immediately.
EmiratesFX24: Claims for damages against banks involved
Anyone wishing to provide financial services and investment transactions in Germany must first obtain a mandatory permit from the Federal Financial Supervisory Authority (BaFin). Doing, supporting, or facilitating such business, even across borders in Germany, is prohibited. Persons and companies who nevertheless participate in such transactions are obliged to pay damages to the traders who have suffered losses. The investment fraud cases would probably not have been feasible without such banks.
EmiratesFX24: Investors want your money back!
The situation is by far more promising than it seems. The aggrieved investors can take legal action against those involved in the investment fraud and reclaim their invested capital. At present it is not to be expected that the investment fraudsters of EmiratesFX24 will be caught soon, nevertheless, there is cause to hope. Hope because the funds flowed through accounts provided by banks that we're concerned about a good reputation. Those responsible neglected to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for legality. These omissions made investment fraud possible in the first place.
EmiratesFX24: They want their money back! How does it work?
Equipped with this knowledge, investors would not have engaged in business with EmiratesFX24. Now the only option left for the defrauded is to seek redress. Many investors cannot even imagine that there is any real chance of ever seeing their money back. Presumably, all of them are now wondering whether they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions must take action against money laundering. This is where one starts with good chances of success. Before that, essential questions must be answered. To what destination have the funds embezzled by EmiratesFX24 been taken? Is there a chance that the damaged investors will get back the money they invested with EmiratesFX24? What steps are necessary now? Such questions can best be answered by a lawyer specializing in capital investment fraud.
EmiratesFX24: Who can help?
What to do in case of investment fraud? What help in the case of investment fraud can the victims of EmiratesFX24 hope for? EmiratesFX24 victims can ideally find the help they need from an experienced investment fraud lawyer. He can take care of your case with EmiratesFX24 both in terms of the criminal aspects of the investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading can also be considered, because he is also familiar with the methods of fraudulent brokers, such as EmiratesFX24.
EmiratesFX24: Follow the money!
Such abuses on the not regulated capital market pursues the internationally active Anlegerschutzkanzlei Resch attorneys for over three decades. The approach of EmiratesFX24 is in this respect nothing new. Over the years, Resch Rechtsanwälte has developed sustainable equipment for tracking down the evaded amounts of money and following the money trails. Making funds disappear is becoming more and more complicated in times of the Internet. The sooner investors follow the money trail, the more likely they are to see their invested capital again. It is important now that those who have been harmed by EmiratesFX24 take immediate action.
RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of EmiratesFX24 and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.
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