Risk of Losing Money When Participating in FVP Trade

Continue with the story how FVP trade has lured participants into their trap.

After launching many promotions such as giving away Mercedes cars, giving away gold coins and attracting more participants to put money in, a few days ago, this illegal forex platform officially locked the application, no longer allow participants to withdraw money.

Sharing with our vtvmoney investigative reporter, many investors said that they were in a situation where they lost both their money and their friends, colleagues and neighbors because these people were the one who lured them to invest in fvptrade. After the platform collapsed, the so-called friends, colleagues and neighbors also disappeared.

Lure Participants to Join

(The risk of losing money when participating in FVP trade)

If you lose money, Ill make up fot it

Rest assured

“If I l led you to lose money, I will pay you back”

“I understand this platform very well, trust me, I will pay you if you lose”

After the platform collapsed

“You said if I lost money, you would make up for it”

“No way”

“This was your words. You wrote this yourself”

“Do we have any contract？ Show me! Are you a child？”

This is the situation of a victim after her neighbor asked her to deposit more than 300 million VND (equivalent to 13,000 USD) onto fvptrade platform. At the first place this neighbor offered so much promise, and now she did an about-face!

“This girl wrote to me that if anything happens, if the platform collapses or has any problems, they will still guarantee me my principle, make a full refund under any circumstances. She stated it so clearly and so many times that I have to believe it, but now she did a one-eighty, told me that she had no idea, that I have to take the full responsibility for my own investment.”

This man also received an invitation to join fvptrade from a friend. In order to lure him, this friend continuously took him to attend seminars, to the company's office, to meet with branch leaders, sharing about the huge profits that fvptrade had brought. That's why he did not hesitate to put more than 2 billion VND (equivalent to 85,000 USD) here, but so far, the fvptrade platform has collapsed, and his friend is also nowhere to be found.

“I deposited more than 2 billion, and according to the leaders of fvp, I have to be serious with this deal, so if I am able to make any profit, I will reinvest again immediately. That‘s why I haven’t made any withdrawal so far. ”

FVP trade's office in Hanoi at No.1 Do Duc Duc Street, was always crowded with hundreds of people who came to receive instructions on setting up and depositing money into the account, is now unpopulated like the desert.

The senior leaders of fvptrade in turn deleted the zalo group chat, block investors numbers and turn off the phone. Some investors have no choice but to reach out for the police.

According to the lawyer associations representative, Fvptrade forex broker is operating illegally in Vietnam, leaders of this organization opened branches and representative offices in Vietnam, organized many large-scale conferences to attract participants. This organization offered a system of multi-level commissions, there are signs of illegal multi-level business.

Lawyer Nguyen The Truyen

Hanoi Lawyer Association

“The responsibilities here are especially relevant to the heads of branches or offices that are almost obvious.Here are signs of illegal multi-level business. There are commissions paid to those who entice others to join the system. There also comes the promise of very high returns and, more importantly, organizing events like the seminars for falsely propagandizing is what that the multi-level business system has always done. This is no doubt a disguised transformation of multi-level business.”

According to Article 217A of Criminal Code 2015 amended in 2017 of Vietnam, organizations and individuals that conduct illegal multi-level business activities can be criminally prosecuted for 5 years in prison.

It is estimated that tens of thousands of people have joined the fvptrade platform with an amount of up to hundreds of billions of VND.

So, after all the things happened, how can the leaders, the representatives of the branch offices of fvptrade avoid their responsibilities when they are the ones who entice participants to invest in this illegal system.

A few days ago, the Investigative Police Department of Bo Trach District, Quang Binh Province prosecuted the case, prosecuted the accused and detained for 3 months of Nguyen Thi Le Nhi (born 1984), Head of FVP Trade in Quang Binh province, on the act of committing fraud using computer networks, telecommunications networks, and electronic means.

The representative office of FVP Trade in Quang Binh is located in Hoan Lao town, Bo Trach district led by Nguyen Thi Le Nhi and 5 other employees. Here, Nguyen Thi Le Nhi and her staff entice, solicit, guide and advise investors to open accounts, deposit money and then authorize FVP Trade's “experts” to invest.

Nhi promised to share profits from 6% to 10%/month or more if investors invite more new participants. Up to now, FVP Trade has suspended transactions, frozen all customers accounts, deposits and withdrawals are not available and all data has been deleted.

During the investigation, the Project Board determined that the FVP Trade Forex system in Quang Binh had 225 accounts operating illegally, appropriating a total amount of 683,500 USD (equivalent to more than 16 billion VND) with over 60 participants.

Urgently searching FVP Trade office in Quang Binh, the police force seized many important evidences.

Experts recommend that victims of FVPTrade should report to the authorities as soon as possible, so that the relevant regulators could have a basis for the further investigation to clarify the case.