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Shortly after obtaining a license from Russia’s Central bank, TeleTrade, the third largest forex broker in Russia, is facing charges of “defrauding thousands of clients”, reports the local business portal RBK.
In a statement, Russia’s interior ministry announced it has conducted an operation in the offices of one of the Russian forex dealers, part of an international group of companies, seeking proof of “illegal activities”. The law enforcement agents have confiscated documents and computers and “equipment containing traces of illegal tampering with trading software”.
The authorities claim to have evidence that for several years the broker was accepting deposits from the general public under the pretext of trading in forex on the international markets and providing consultations. “After that the money was stolen from the citizens,” the interior ministry said. According to the announcement, authorities in several of Russia’s regions have already pressed charges for grand theft of “hundreds of millions of rubles” and fraud.
Dmitriy Drigaylo of TeleTrade told the RIA Novosti new agency that earlier in June there has been a search of the company’s offices in Moscow, but since then nothing has happened and the broker was working as usual. “I would say this was an ordinary inspection in several of our offices,” Drigaylo said. “It was part of an ongoing criminal investigation against a group of persons in Samara who are associated with us – representatives of TeleTrade’s partner OOO Consulting Center.”
“We are not charged of anything,” Drigaylo told RIA Novosti. “We were not presented with any official documents and I believe this was just an inspection,” he added.
TeleTrade is one of the three forex brokers licensed by the Bank of Russia. Recently it became a member of the newly-established Russian Association of Forex Dealers (AFD), a self-regulatory organization (SRO).
TeleTrade is present in 26 countries worldwide. The brokerage offers trading in forex and contracts for difference (CFDs) on commodities, stocks, futures and currencies. It is regulated by the CySEC and registered with the relevant authorities in the UK, Bulgaria, Romania, Germany, Spain, Italy, and the UAE.