Russia Ministry of Internal Affairs: TeleTrade Fraud Charges


June 17, AtoZForex Last week, AtoZForex reported that one of the top three regulated Russian Retail Forex brokers, TeleTrade was raided by the Russian special forces (OMON). Today, the Ministry of Internal Affairs of Russian Federation (MOI) revealed more information about the case and confirmed TeleTrade fraud charges.

Teletrade has a wide net of offices across Russia and offers its clients to trade Forex, CFDs, Metals and Futures through the MT4 or the MT5 platform. According to the report of the agency RIA Novosti, TeleTrade was one of the first Forex broker to have obtained the license under the new Russian Forex law. TeleTrade’s license was issued about a month ago by the Bank of Russia.

MOI confirms TeleTrade fraud charges

Earlier today, the Ministry of Internal Affairs of Russian Federation has confirmed that TeleTrade has been charged with fraud. According to the MOI, TeleTrade was charged according to the article number 159 of Russian Criminal Law ‘Swindling’. In the official statement, the representative of the MOI, Irina Volk commented on the joint cooperation that led to TeleTrade fraud charges:

‘The employees of the Main Department of Economic Security and Anti-Corruption Ministry of Internal Affairs Of Russian Federation in cooperation with the Economic Security and Anti-Corruption Department MOI Of Russian Federation in Moscow, conducted a joint operation. Documenting illegal activities of Russian forex dealer’s heads, which is included in the international group of companies.’

Investigation of TeleTrade’s confiscated equipment

As TeleTrade indicated to have 9 offices across Russia, the charges have been executed in several regions across the country. Hence, last week the Russian Force OMON raided TeleTrade’s offices. Commenting further on theses police raids, Irina Volk added:

‘The Russian police with the support of the special Russian force OMON has raided the forex retail broker’s offices and seized objects and documents that are relevant to a criminal investigation, including computer equipment. The confiscated equipment will be further inspected.’

As reported by the MOI, the firm has been luring the investors with an opportunity to make money on Forex market. Furthermore, the MOI reported that investors’ assets were derived from their control and stolen. As suspected by the Officials, thousands of Russian residents have suffered from TeleTrade’s illegal actions.

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