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ALLEGED FRAUD

Royal Forex investigated for alleged scam to more than a hundred affected

Royal Forex investigated for alleged scam to more than a hundred affected

· Various Courts of Instruction in Madrid are carrying out criminal proceedings against the company Royal Forex Ltd. for the alleged commission of crimes of aggravated fraud, among others

viernes 21 de enero de 2022, 19:28h

The injured already amount to a hundred people and the fraud would exceed one million euros. The complaints have been filed against the companies Royal Forex Ltd., a company registered in Cyprus that operates or has operated in Spain under the trademarks and domains gmotrading.com and roinvesting.com. The company Panda Trading Systems Ltd., also registered in Cyprus, is also being investigated. Likewise, the complaint is also directed against the directors and administrators of said companies, among which Pavel Shabanov, Executive Director of Royal Forex, of Cypriot nationality and domiciled in that country, and Andreas Samatas, Administrator of Royal Forex, also stand out. Cypriot domiciled in Cyprus.

The alleged fraud basically consists of capturing victims who are supposedly advised and induced to invest in the foreign exchange market, also known as Forex (Foreign Exchange) through products that involve extremely high-risk investments. It is suspected that in the vast majority of cases the money is not invested, but is directly pocketed by the company.

The modus operandi of this obscure merchant established in Cyprus consists of contacting particularly vulnerable people (elderly, retired, etc.), without any knowledge or experience in the financial sector. The victim often makes credit card payments on the company's website through particularly aggressive telemarketers who offer false or manipulated information. As has been said, it is suspected that the injured parties make money transfers to the defendant's accounts that subsequently do not have as their final destination the investment in the alleged financial products. With an alleged advice from supposed brokers, the victim is induced to make these payments that lead to the total loss of the money invested in all cases. Under the pretext of trying to recover the amounts invested, they repeatedly urge victims to inject more money into the company's accounts.

Some of the complainants have stated that this company has used applications to remotely enter the client's computer and carry out all the operations for them.

According to information provided by the CNMV (National Securities Market Commission) "This entity, with the trademark ROInvesting, has reported since December 2021 of its decision not to accept retail clients in the future." According to the information provided by the CNMV, Royal Forex has the Official Registry number 4075 and operates in Spain since January 18, 2016, having its legal address on the third floor of a building located at numbers 128 and 130 of Limassol Avenue in the Cypriot city of Nicosia.

The company formerly operated under the umbrella of a website, GMO Trading, which has now disappeared after countless complaints and reports. Their operations have migrated to the new ROinvesting website (http://roinvesting.com/), from which they currently operate.

Royal Forex investigated for alleged scam to more than a hundred affected
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