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Masterforex/mfxbroker.com not sending me the funds

Discussion in 'Scam Alerts' started by str00005, Mar 5, 2015.

  1. str00005

    str00005 Private, 1st Class

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    Hi there mfxbroker.com have not remitting me back the funds as the funds in my question which remain with their payment processor payonline.ru for more than 5 to 6 months of time due to an technical issue of charge back.

    I have produced my bank letter/card statement transaction details etc to claim the ownership of the funds...Despite that mfxbroker.com holding my 2290 USD.Here masterforex/mfxbroker.com says that their payment processor not released the funds to them so they cannot pay me.


    Before getting me card statement they promise me to release the funds without any delay and after getting the card statements they were not responding to my emails nor funds sent to me....
     
  2. str00005

    str00005 Private, 1st Class

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    Dear Mr. Ramkumar,


    We have asked for a bank card account's statement (411146******9544) and full bank account details of this card, you have sent the details relating to the other bank, thus did not fulfill our requirements.
    The issuing bank denies your request for chargeback. Your request for official chargeback was dismissed by VISA at the arbitration stage. And you continue to threaten us but at the same time you are fail to comply our requirements.

    We were ready to consider the refund, but for this purpose all official procedures should be fulfilled.
    In accordance with the Visa rules, such actions must be resolved with your bank, but your bank has rejected your request.
    The mere fact that we communicate with you, means that we are ready to accept a compromise.
    We can’t accept the documents that you have sent since the stamp on all documents are exactly the same, pixel by pixel - it is copied.

    This could mean that the documents were falsified.
    Screenshot by Lightshot

    If the documents was signed anew each time - the stamp and signature should be different at least a little. In your case - they are the same at 100 percent.
    There is an example of a letter from the Axis bank, where the same stamp has been used.
    Complaint Against Axis bank for Financial Loss and Humilation

    Stamp on this letter was placed in 2011; stamps on your documents can be copied from this stamp. We are forced to send those documents for the police verification.
    We ask you to provide us an official letter from the bank, which will confirm that bank statement they have provided is legal.
    The letter should be sent compulsorily from the Karan Butalia official email, who has signed your bank statement.
    If you cannot provide us the requested information, we will stop any cooperation with you. In that case we also ask you not to contact us anymore.
    You can describe this situation on any forums and contact any authorities. Also, do not forget to mention that the issuing bank denies your request for chargeback and your request for official chargeback was dismissed by VISA at the arbitration stage. We also reserve the right to make a petition to a court and contact police on the subject of honor and business reputation protection.

    You are not the client of our company, so you do not have a right to spread the information about our company. You should apply to your bank regarding to all the issues concerning the stolen bank card.

    Now we will respond you only if you send the requested documents earlier, as well as new information from the bank, all other letters will be ignored.



    Thank you
    Claims department
    MFXBroker
     
  3. str00005

    str00005 Private, 1st Class

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    Masterforex/mfxbroker.com regulator IFSC has suspended them to operate in India.Since they forex trading is banned in India.


    Now my question is When they have breached the terms and conditions of their regulator by accepting a clients from India were they don't have any license to operate.

    Then what rights Masterforex/mfxbroker.com have to hold those funds which were accepted illegally???

    I just asked Masterforex/mfxbroker.com to refund the payment which they have accepted illegally to the same card and not to anyone...



    :confused:
     
  4. str00005

    str00005 Private, 1st Class

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    Masterforex/mfxbroker.com regulator IFSC has suspended them to operate in India.Since the forex trading is banned in India.And they don't have any local license to operate.


    Now my question is When they have breached the terms and conditions of their regulator by accepting a clients from India were they don't have any license to operate.

    Then what rights Masterforex/mfxbroker.com have to hold those funds which were accepted illegally???

    I just asked Masterforex/mfxbroker.com to refund the payment which they have accepted illegally to the same card and not to anyone...
     
  5. MasterForex Broker

    MasterForex Broker MasterForex.org Representative

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    Hello,

    We are MasterForex representative on ForexPeaceArmy forum.

    In response to the poster’s issue, the following statement has been made by our support team:

    From the words of Mr. D, deposits to us have been made from the stolen card. Those three payments were made by our client Mr.P (Full name not posted). Cardholder name according to the PayOnline details is Mr P (Full name not posted). That is why we have requested from Mr. D (Different name - Full name not posted) a photo with the ID in the hand of its owner, adapted to identify owner of the document and a photo with the bank card in the hand of its owner, adapted to identify owner of the card.

    Within two weeks Mr. D has not confirmed the requested information; meanwhile continue to write complaints and requests for refund.
    Then he has sent us his documents and a strange confirmation from his bank without official stamp Since Mr. D argues that the card was stolen, he has not sent us the required photo.

    The client had blamed the company that we hadn’t checked the card data, but we have an official answer for that:

    “Credit card transactions on our websites are administered by the PayOnline payment gateway. We therefore, to ensure the security of clients’ details, PayOnline bank card processing service does not provide us card details and we are not able to check them. So, we don't need to collect any documents to authenticate the credit card deposits.”

    We also ask Mr. D to contact his bank. In response, he sent us a reply from bank that the claim was dismissed by VISA at the arbitration stage.
    We were ready to consider the refund, but for this purpose all official procedures should be fulfilled. We have asked for a bank card account's statement (411146******9544) and full bank account details of this card - Mr. D have sent the details relating to the other bank thus did not fulfill our requirements.

    We can’t accept documents that were sent by Mr. D since the stamp on all documents are exactly the same, pixel by pixel - it is copied. This could mean that the documents were falsified.
    We have no guarantee that Mr. D is the owner of the card; we can’t withdraw funds to a third person.

    Our last detailed reply to him is attached.

    The poster of this thread - str00005 has been accused of fraud with the similar issue with another respected broker XM as well, in this thread http://www.forexpeacearmy.com/forex...-http-www-xemarkets-com-stolen-my-profit.html

    Thank you,
    MasterForex Representative
    MasterForex Company
     

    Attached Files:

  6. str00005

    str00005 Private, 1st Class

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    lol...ROLF..First these broker masterforex don't know their terms and conditions.At first when i have asked them who have given you permission to operate in India were forex trading is banned???

    They told me that their regulator don't restrict them to take clients from India..(Look the attachment) Screenshot by Lightshot

    Latter then i have taken these issue to their regulator.Then they slammed masterforex for not reading their terms and conditions in proper and ordered them to suspend their operations in India.(look the attachment) Screenshot by Lightshot


    I don't ask masterforex to send funds to my bank account at first.When masterforex refused to issue refund the payment which they have accepted illegally by breaching terms and conditions of their regulator i asked them to send me the funds lol..for fun to test their reliability...These fellows dragged the issue to months and months...

    What ever it may be when they have breached their regulator terms and conditions they must refund the fund which is illegal...Even now i don't want the funds to my bank account...let the funds go to the concern persons card account i will be happy with it..
     
  7. str00005

    str00005 Private, 1st Class

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    lol...ROLF..First these broker masterforex don't know their terms and conditions.At first when i have asked them who have given you permission to operate in India were forex trading is banned???

    They told me that their regulator don't restrict them to take clients from India..(Look the attachment) Screenshot by Lightshot

    Latter then i have taken these issue to their regulator.Then they slammed masterforex for not reading their terms and conditions in proper and ordered them to suspend their operations in India.(look the attachment) Screenshot by Lightshot


    I don't ask masterforex to send funds to my bank account at first.When masterforex refused to issue refund the payment which they have accepted illegally by breaching terms and conditions of their regulator i asked them to send me the funds lol..for fun to test their reliability...These fellows dragged the issue to months and months...

    What ever it may be when they have breached their regulator terms and conditions they must refund the fund which is illegal...Even now i don't want the funds to my bank account...let the funds go to the concern persons card account i will be happy with it..
     
  8. str00005

    str00005 Private, 1st Class

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    For your update: Clients from Indonesia,Bangladesh please beware that locally you were not allowed to trade in forex markets.If you trade with these broker please withdraw funds immediately as their regulator don't permit them to operate were locally need license.So that they can screw you if you have any problem.

    I do see that they still operate in Indonesia,Bangladesh were forex trading is banned locally to my knowledge.

    Still more to come.
     
  9. MasterForex Broker

    MasterForex Broker MasterForex.org Representative

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    Please check out our internal audit report:

    We have checked the investigation regarding the Mr. D treatment.

    As it mentioned previously, Mr. D continued to send us threats and requests for chargeback, even though he knows that request for official chargeback was dismissed by VISA at the arbitration stage. As part of the formal procedures we have request the necessary documents. After checking the documents sent by Mr. D , it turned out that all documents were forged.

    Confirmation from Axis bank without an official stamp, second confirmation with a stamp, bank card account's statement and ID card all those documents were forged.

    Once we have published official response to Mr. D on the FPA forum (You can see here: http://www.forexpeacearmy.com/forex...oker-com-not-sending-me-funds.html#post197239) readings were changed and Mr. D said that Mr.P is his friend. New request was for the funds withdrawal to Mr.P. Mr. D has apologized for edition of the document (Thus he has admitted the document forgery) and said that he’ll remove the negative post on the FPA forum (You can see his last letters in the attachment below).

    We have continued the circumstances clarification and asked Mr. D to send us copy of Mr.P's ID card and copy of this bank card (card photos from the both sides, where will be visible full name and last 4 digits of the card number) for identification of the owner of the bank card that was used for funds depositing. Unfortunately, Mr. D has not sent the bank card photo. On the basis of the bank statement that was sent by Mr. D, evident that the card holder is Mr. P.

    Summing up, Mr. D send us threats and requests for chargeback, said that he is the true cardholder and his card was stolen, forged documents and asked to withdraw the third details.

    Mr. D deliberately tried to deceive the Company. Falsification of documents is gross violations of the law. We are forced to send documents and information about this case to the police department and stop all communication with Mr. D, since he is a fraudster.

    Furthermore, all Company's services have been provided to Mr.P in full according to the Client Agreement. Mr.P has processed the funds withdrawal from his trading account Withdrawal has been processed successfully in accordance with our Client Agreement.
    Mr.P has requested the payment notification of his withdrawal - it was sent 25.08.2014

    We confirm, that the funds have been traded and withdrawn by Mr.P and are non-refundable.

    View attachment Letters.doc
     
  10. str00005

    str00005 Private, 1st Class

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    Just Answer me few questions over here.

    Question no 1:

    Have you read your terms and conditions of the regulator ??At first you have told me that your regulator don't restrict you from taking clients from India.(look the screenshot )Screenshot by Lightshot
    then i have taken the issue to your regulator then they slammed you for the violation of their terms and conditions by accepting clients from India were you don't have local license to operate.(look the screenshot)Screenshot by Lightshot


    Question no 2:

    When you have accepted the clients by breaching terms and conditions of your regulator is these legal??Because as a company you don't even know your regulator terms and conditions mean it's look pathetic.
    To be honest you should refund the money by cancelling all transactions which you have accepted by breaching terms and conditions of your regulator.


    To my knowledge with your existing IFSC license it don't permit you to operate in country's like Indonesia,Bangladesh,Pakistan were locally Forex trading is banned similar to India. It is also considered as illegal.So advise clients from these country to be more cautions with these broker.As they can easily screw.
     

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