GUILTY Case# 2017-061 | Deepakjain vs fxpearl.com

[Deepakjain]

Original FPA Traders Court Submission:

I am submitting the case against: www,fxpearl.com

My Case is: This is a scam broker and I have been trading with them for a long time (since July 2016 but actively started trading through traders on Auguste 2016). My trading account size was $25,000 when opened. It came to realization that the broker deletes most of the profitable trades and brings down the equity in no time so that payouts are avoided. Recently my equity shot up to $35279 and upon asking the withdrawal the company disabled the account and deleted my most profitable trades and brought the equity to $12,000. No EXPLANATION of any kind is being offered by IB and support team and Director of the company. Support staff do not have any explanation and no one takes any effort to offer a solution.My withdrawal is denied and this is purely intentional scam and act of fraudulence.Also it is claimed by them they are regulated by FSA Seychelles (SD011), FSA St. Vincent, and FCA UK. They moreover claim to be pure ECN STP Broker and have 20+ liquidity service providers. Their act of deleting trades and disabling accounts without intimation sounds very fishy and looks like pure deal desk broker who simply operate a company to lure public funds in name of ECN Brokerage and vehemently denies to give a explanation. KINDLY HELP ME TO GET THE MONEY as I am broke and forced to face many problems in my personal life.

New thread in the Scam Alerts Folder:

• Pearl Capital Markets Ltd (www.fxpearl.com)(www.fxprl.com)
  

Review is submitted by DeepakJain on 07/12/17

The company was first contacted about the issue on 07/05/17 the last contact was on 07/12/17

Details: Dear Sir,

Greeting from Pearl capital markets Ltd.

Thank you for trading with us for a long time. In continuation of our conversation on the equity going up to $35000 last evening in your account (9000481). There has been an error and we are rectifying the same.

We will get back to you before the end of the day (7-7-2017) with more information.

Regards
Support

Company representatives' emails: Genrale <info@fxpearl.com>
Supporte <support@fxprl.com>
Bala Kovinlakuntala <bala@fxprl.com>

 

[Deepakjain]

Can someone respond to my query?

 

[Deepakjain]

response from St.Vincent et Grenadinnes says this broker is not regulated and is a fraud by claiming the same on their website


Dear Deepak,
Please be advised that the Financial Services Authority (the “Authority”) does not ‘Regulate, Monitor, Supervise or licence” International Business Companies (IBCs) which engage in FOREX Trading or Brokerage. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies (Amendment and Consolidation) Act. An IBC registered in SVG is authorised to engage in any business activity without additional approval from the FSA, except where its proposed business activity amounts to banking, insurance or mutual fund business, as these activities are licensed activities.
Please be advised further that an IBC which engages in Forex Trading activities does so at its own risk, as it will not be regulated in this jurisdiction.

 

[AsstModerator]

I'm sorry for the delay. I've been traveling and in meetings for most of the last 10 days. I'll try to take a close look at this sometime in the middle if the coming week.

 

[Deepakjain]

Thank YOU but the sooner the better becuase more damage is done currently

 

[Deepakjain]

As far as St.Vincent and FCA UK are concerned I expected that I would get a reply and at least they responded to my query. But there is no answers for my email i wrote to their another regulator i.e Seychelles, where Pearl CML [represented by the fraud Balasubramanyam Kovinlakuntala is a director] they are primarily regulated with license number SD011, and when i dig out more information in past it was found that seychelles regulation needs a local director there, so I thought its not just a paper backed regulation and it was some decent regulatory who follow all KYC and Anti Money laundering norms but in my case its looks i am deadly wrong here, so far no one from Seychelles regulator contacted me back when i posted this complaint via emails. So what is seychelles Regulator?? Are they actually REGULATING???

Now coming back to my current issues with my trading account: My account number 9000481 was in my name Deepak but now changed to IB's name RAVICHANDRA and it looks some day over night the scam/scumbag broker pearl capital markets limited, change my account bearing name to some different owner name, which is highest of scam action they are trying to play with my account, its now looking to me like a total mess of their management and a full scale scam in name of regulated brokerage entity. Refer to the screen shot plz.

Also is this not against KYC norms to change account owner name at wish and will of broker, and is there any regulator worldwide like FATF or any other, where I can report about this sort of actions? I am also in process of digging more information of this scam artist behind Pearl CML, Mr Balasubramanyam Kovinlakuntala with his Indian organisations details, so i can file a report to authorities in India about his whole illegal and illicit transactions which likely he is managing from India and rest of his proxy companies world wide, if some one helps me on this, i really appreciate their efforts and thank them.

My account is now $9040.77 from $35,279.00 all major profitable trades deleted - can someone plz get justice for me?

 

[AsstModerator]

Have you emailed them the link to your thread in Scam Alerts and asked them to publicly respond? If not, please do so and post an update in that thread as well as this one.

Do you have an account statement which shows the profitable trades and another statement showing those trades either missing or cancelled? I'd like to see exactly what the trades which got deleted were.

 

[Deepakjain]

Yes Pearl CM has been informed by email to respond and asked them to respond on 18 Ju 2017 and so far no update from dem on this thread.I attach the screenshots with exact proof.
1. screenshot (12k.GIF) referrs to final amount after deleting profitable trades
2. screenshot (35k.GIF) ref to actual profit
3. Screenshot (205217.GIF) ref to deux/two deleted trades.
4. E-mail envoyes (sent) on 18 Ju '17.
5. Screenshot (email 7.GIF) it is confirmed by PearlCM that my accounte had $35000 and they say it is error on my profits as they deleted it.
6. Support1.GIF confirms my request (to respond to thread) been put on support.
7. Recently accounte name gets changed to IB name (RAVICHANDRA) and debit of $6500 has happened (vous21.GIF).

They debit 6500 without my advise/knowledge/concent and change account name. I ha'v all proofs with me. Help me out.

 

[Deepakjain]

I think these are the only two trades that I have noticed that are deleted. There could be many more. Correct @Pearl CM?

 

[Deepakjain]

Pearl is now threatening through IB that they will not return my money if I do not withdraw complaint from here. IS Bala S K Perle, Director running forex brokerage or hooligan mafia?