Algotechs and BeAlgo Withdrawal Issues

hverma

Recruit
Messages
14
This thread is for all the withdrawal issues people are facing when trying to withdraw money from BeAlgo when the trader is Algotechs and broker is BeAlgo.

BeAlgo is stating that there bank in Denmark has been taken over by the govt authorities and all the outgoing funds are frozen. I am not getting my funds back and not sure what can be done in this case
 

FxMaster

Lt. Colonel
Messages
9,154
This thread is for all the withdrawal issues people are facing when trying to withdraw money from BeAlgo when the trader is Algotechs and broker is BeAlgo.

BeAlgo is stating that there bank in Denmark has been taken over by the govt authorities and all the outgoing funds are frozen. I am not getting my funds back and not sure what can be done in this case
What was your amount?
And what reason they are providing you for not letting your Withdrawal out?
 

hverma

Recruit
Messages
14
Amount is close to 15K and the reason BeAlgo is providing is there bank Københavns Andelskasse has been taken over by the FSA authorities in Denmark. The website of Københavns Andelskasse also says so, but it has been taken over on 13th Sept 2018.

I raised the withdrawal request in last week and now I have got this reason that the bank is under scan now and all the funds are frozen.

I am scared if this is all scam and my money is gone now. If yes, what can I do from outside Bulgaria as BeAlgo is based out of there.
 

hverma

Recruit
Messages
14
Can you please check and give me any advice on this. Do you have more info on BeAlgo?
Is it a scam or something. Do let me know whatever info you have.
 

sumitkumar

Recruit
Messages
2
Hi Mate,

I am also facing the same issues with Algotechs and BeAlgo. Same response from BeAlgo side.
Any idea from anyone, what can be done ?
 

FxMaster

Lt. Colonel
Messages
9,154
Can you please check and give me any advice on this. Do you have more info on BeAlgo?
Is it a scam or something. Do let me know whatever info you have.
Hi Mate,

I am also facing the same issues with Algotechs and BeAlgo. Same response from BeAlgo side.
Any idea from anyone, what can be done ?
Contact the agency in Denmark who did the freezing to enquire if Belago has funds there. And did you sent funds to Denmark bank?
 

hverma

Recruit
Messages
14
I have tried to contact everyone involved here. The agency says that they have taken control of the bank and are not allowed to disclose anything. BeAlgo says that they dont have direct account with the bank, instead they operated via UPayCard services and UPayCard has the account with the bank.

I am really confused what can be done to get my funds back. How can I start a legal proceedings against them?
 

FxMaster

Lt. Colonel
Messages
9,154
I have tried to contact everyone involved here. The agency says that they have taken control of the bank and are not allowed to disclose anything. BeAlgo says that they dont have direct account with the bank, instead they operated via UPayCard services and UPayCard has the account with the bank.

I am really confused what can be done to get my funds back. How can I start a legal proceedings against them?
Did you contact UPay about this yet?
 

sumitkumar

Recruit
Messages
2
Contact the agency in Denmark who did the freezing to enquire if Belago has funds there. And did you sent funds to Denmark bank?

I have contacted everyone involved in this chain. The agency Financial Stability does not want to disclose anything.
And I had send the funds to a German entity k&b berlin consulting gmbh.
 
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