IQ Option was accused of mass fraud
(Finance Magnates https://www.financemagnates.com/) IQ Option broker, licensed by Cyprus, is facing a class action lawsuit in India for allegedly cheating in a crypto investment plan, according to channel information. Local media Bar and Bench reported for the past week.
Currently a court in India has asked to publish the incident in leading newspapers to find the victims of this scam.
Attorney Nipun Saxena, representing plaintiffs, argues that IQ Option has fooled many Indian investors, promising returns of up to 900% from crypto investments.
Even though IQ Option accepts a low investment from $ 1, the lawyer explains that there is a 2% hidden withdrawal fee and many clients even complain that they cannot withdraw money when making any withdrawal attempts. Any request to fill in their login information will then report an error.
“The one-time 'free withdrawal' option has ended and after that for each withdrawal a separate 2% withdrawal fee will be charged. One customer pointed out that even if they are subject to a withdrawal fee, they cannot withdraw their money, and will suffer losses equivalent to the entire invested amount, "Saxena said in court.
The lawsuit is looking for a permanent ban against IQ Option and blocking all web or mobile platforms operated by IQ Option in India. In addition, the plaintiffs want a permanent ban on IQ Option that prohibits any business from doing business in the country.
However, IQ Option has denied all of the above allegations when responding to Finance Magnates.
“Please note that IQ Option is working to clarify the details of the case with Indian lawyers,” said Vladimir Golubev, Head of Strategic Finance and Legal at IQ Option. “IQ Option is a fair company and never participates in any form of fraud. IQ OPTION reserves the right to file lawsuits against sources of information that have disclosed such information.
Registered in Cyprus, IQ Option offers its services in three local languages in India: English, Hindi and Bengali. IQ Option offers contracts for difference trading (CFDs) with stocks, foreign exchange, options and cryptocurrencies.
IQ Option claims to have 48 million customers with a presence in 189 countries.
http://www.fxprimus.com/open-an-account?r=38793622®ulator=vu