Fake Broker Recovery
SGD 48,500
Recovered2
Jurisdictions14 Wks
ResolutionA Singaporean client recovered SGD 48,500 from a fake broker based in Cyprus
A Singaporean client approached Сlaimonds Singapore after losing SGD 48,500 to a fraudulent online trading broker promising extraordinary returns. The broker claimed to be based in Cyprus and hold international licences — all of which were forged.
The Background
The client invested his savings with a broker promising annual returns of 200% through Forex and CFD trading. In the first weeks, the platform displayed fictitious profits and encouraged increasingly larger deposits.
When he requested a withdrawal, the broker delayed with excuses — first a "security verification," then "advance tax payments." Eventually, all communication ceased and account access was blocked.
Our Strategy
Our team established that the licence documents were forged and no FCA registration existed. We traced the bank transfers to identify destination accounts.
Through official legal channels, we contacted the Cypriot authorities and obtained the freezing of accounts. Simultaneously, we filed a report with the Singapore Police Force and relevant financial crime units.
Outcome
After 14 weeks of coordinated work, we returned the full SGD 48,500 to our client. Working closely with Cypriot authorities, we ensured recovery through the effective application of international legal procedures.
This case demonstrates that swift legal intervention plays a crucial role in recovering funds, even in cross-border fraud.
Take the First Step Toward Recovery
We represent clients across Singapore with verified losses starting from SGD 3,000. We do not handle disputes related to online purchases, offline transactions, or Telegram.