Police warn against illegal forex trading platforms

- Tuesday, 30/05/2023, 10:24

Hanoi police have warned people against illegal foreign exchange trading platforms on the internet which have swindled many out of their money.

Police warn against illegal forex trading platforms -0
Illustrative image (Source: Dai doan ket Newspaper)

Those platforms advertised so-called foreign-invested projects that are connected with major e-currency trading platforms in the world and commit to generate monthly interest rates of 10 - 30% for investors.

Such platforms initially pay profits to investors to lure them into investing more money, and then lock investors’ accounts, making them unable to withdraw money. A number of people have been swindled and lost hundreds of millions of VND, the Hanoi Public Security Department said on May 29.

Given this, the police recommended people stay vigilant against advertisements of foreign-invested trading platforms with high interest rates, and report to police if they find any signs of misappropriation.

On May 18, the force also advised against fraudulent stock investment apps which have taken advantage of the public’s increasing interest in the stock market. Many have also lost hundreds of millions of VND to those apps.