Resolved: MTRADING NIGERIA- SCAM OR NOT

Tunji

Recruit
Messages
4
I placed a withdrawal from my trading account since 08/12/2015 and the funds were taken from my trading account but is yet to be credited to my Bank account.

I have made withdrawals in the past and it took 1 or 2 business days to get my funds. I spoke to their customer service officer who told me it had been processed and assured me that I'll get the funds later in the way. I also spoke to their country director, Samuel Olaleye who told me the funds were hanging with the Local Bank. Its been 2 weeks and I have not gotten my funds. I called Mr Samuel again who told me the funds were still hanging but a friend who works in that Bank told me that a N600,000 transaction was never initiated from the company.

This came as a huge shock to me because this is a company I had huge confidence in and even referred some colleagues to. I sent several mails to the company offical email but never got any response. I filled the form on the "contact us" section of the website but still no response.

Mr Samuel seems to have perfected the art of deceit and what he tries to do is to play mind games with me. For instance, when i called him last Wednesday he claimed to be in the Bank to ensure my transaction was completed. He called back later to confirm if i had gotten alert and assured me that ill get the funds that day.

I called him back and he never oicked up again.I asked that a receipt of the transfer shoudld be sent to my email via sms but was never sent .

It is now clear that they do not have the intention of paying my money.
My friend who works in the local Bank told me there was no debit transaction in their account.

It is clear that they do not have any intention of paying my money.I checked online and I found out that some of their customers are having the same issue.

I have contacted IFSC, their regulator but I haven't gotten any feedback.

This has caused a lot of embarassment to me. I will make an official complaint at EFCC (anti fraud commission) tomorrow but I also want you guys to assist on this issue. N600,000 (~3000USD) is a lot of money to let go just like that.

Attached are copies of emails I sent to their official email without any response.
 

Attachments

  • Yahoo_Mail_document_Fw_Delay_in_crediting_my_account.pdf
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  • Yahoo_Mail_document_Fw_WITHDRAWAL_ON_YOUR_WEBSITE.pdf
    34.4 KB · Views: 4

Mande Kira

Recruit
Messages
1
Actually I thought I was the only person in your shoe. I registered with Mtrading Nigeria since last year, I funded the account with 17,000, this is because I just wanted to test their integrity. Being a very busy somebody, I was not able to attend to the account until few months back. I decided to start by testing them that I want to withdraw my money. I uploaded a copy of my ID as requested for verification, a week, 2 weeks, a month and so on passed by without approving my document.
I decided to email them, but there was no single response from them. I called their number uncountable times but either not going through or rang without picking the call. I was very lucky one day a woman picked and I complained to her but she told me she will alert the management and she gave me another number when I complain of my ordeal of not getting her.
Another month went by without approving my document, I keep on calling this woman but she keeps on telling me they will approve it. On the process of our phone conversation with the woman, I usually hear children voices from the background, I keep on wondering is she in office or at home always?
To keep the story short, I was able to lure the woman to tell me that they have financial issues so Mtrading can not pay me now. I told her even if they can not pay me, let them approve my document but she said they can not do it.
I was like, WTF! You cant approve my document? What does that has to do with the financial issue?
I tried to like go to their facebook page and inbox them, no reply for one week, I then rate their page a start and Notify people that they are SCAM! I follow each an every post they made and comment by alerting people that they are SCAM!
My utmost surprise was not a single response from them. This really testify that they are on the verge of collapsing or a fraud as the case may be.
I also took to twitter with but they did not respond. Thus, these actions justify that Mtrading is a SCAM!
So my brother I will only advice you to take legal actions against them.
 

henyo

Master Sergeant
Messages
438
I cant tell since its more of a local broker, but if needed yes do start some legal action against them to get your money back, if it helps kindly:

- leave them a 1 star review in the review section
- send them a link to this thread and invite them here.
 

Tunji

Recruit
Messages
4
Thabk
I cant tell since its more of a local broker, but if needed yes do start some legal action against them to get your money back, if it helps kindly:

- leave them a 1 star review in the review section
- send them a link to this thread and invite them here.

THANK YOU. I'LL DO JUST THAT
 

xnuts

Recruit
Messages
2
I placed a withdrawal from my trading account since 08/12/2015 and the funds were taken from my trading account but is yet to be credited to my Bank account.

I have made withdrawals in the past and it took 1 or 2 business days to get my funds. I spoke to their customer service officer who told me it had been processed and assured me that I'll get the funds later in the way. I also spoke to their country director, Samuel Olaleye who told me the funds were hanging with the Local Bank. Its been 2 weeks and I have not gotten my funds. I called Mr Samuel again who told me the funds were still hanging but a friend who works in that Bank told me that a N600,000 transaction was never initiated from the company.

This came as a huge shock to me because this is a company I had huge confidence in and even referred some colleagues to. I sent several mails to the company offical email but never got any response. I filled the form on the "contact us" section of the website but still no response.

Mr Samuel seems to have perfected the art of deceit and what he tries to do is to play mind games with me. For instance, when i called him last Wednesday he claimed to be in the Bank to ensure my transaction was completed. He called back later to confirm if i had gotten alert and assured me that ill get the funds that day.

I called him back and he never oicked up again.I asked that a receipt of the transfer shoudld be sent to my email via sms but was never sent .

It is now clear that they do not have the intention of paying my money.
My friend who works in the local Bank told me there was no debit transaction in their account.

It is clear that they do not have any intention of paying my money.I checked online and I found out that some of their customers are having the same issue.

I have contacted IFSC, their regulator but I haven't gotten any feedback.

This has caused a lot of embarassment to me. I will make an official complaint at EFCC (anti fraud commission) tomorrow but I also want you guys to assist on this issue. N600,000 (~3000USD) is a lot of money to let go just like that.

Attached are copies of emails I sent to their official email without any response.


Good day Admin,
My name is Samuel Olaleye. With regards to the above client, this issue has been resolved a long time ago. Brokerage business is not done independent of some other parties like the banks or other payment processors. There was a regulation by Central Bank of Nigeria for BVN registration by companies. This was what caused the delay in transaction at that period. Mr Tunji Okunniyi has gotten his funds and even transacted with the company before and after this incidence (for a period of about 3 years). It is good that a forum like this exists to clear issues like this. At the same time, there should be concrete checks and follow ups to confirm if the issues have been resolved or not. Thank you very much

https://guardian.ng/lead-story/bvn-over-15-million-accounts-unlinked/

https://www.premiumtimesng.com/news...ersial-bvn-ruling-unblocks-bank-accounts.html
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,603
There is a very simple concrete check. Since you say Tunji remained a happy client, please ask him to come back and post about how the issue was resolved.
 

xnuts

Recruit
Messages
2
There is a very simple concrete check. Since you say Tunji remained a happy client, please ask him to come back and post about how the issue was resolved.
I have asked him to come back and respond but he has refused. If he refuses to come back, I cannot force him.This is 2018 and this post was made in 2015...I believe that if the case has not been resolved since, he would have come back...However, I rest my case.
 
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