The operations of a Belize based trading platform has been halted after authorities in Singapore discovered that the website was running unregulated services.
Prior to the discovery, there were several reports from nothing less than 40 people to the police, complaining about the way services were handled on the site.
Arotrade crypto trading platform is known to run Contracts For Difference for different stocks which range from stocks to foreign exchange and others.
Arotrade crypto trading platform scams unsuspecting customers
According to a joint statement that was released by the police and IMDA, the individuals claimed they were scammed by the site after they invested funds with as much as $330,000 in the trading platform of Arotrade.
The joint statement further noted that trouble started after the customers noted that their assets were being tampered with unauthorized persons and afterward experiencing major issues withdrawing their assets or cash.
According to a diligent police investigation, Arotrade has been found guilty of running a fake crypto trading platform. The platform cajoled individuals by lying to them that they had been registered and endorsed by high ranking officials thereby misleading them, the statement read.
The Police further stated that Arotrade does not possess the required documents to start up such a trade, an offense under the Securities and Finance Act.
However, IMDA has directed the total shut down of the website whilst asking service providers to shut their clients from further malicious websites.
Investigations on Arotrade crypto trading platform ongoing
The police and the authorities have allayed all fears and have assured the general public that they will sanction the crypto trading outfit accordingly.
A major number of malicious trading sites like Arotrade crypto trading platform have their base outside Singapore, giving them the freedom to carry out fraudulent activities. Even though those affected might have a hard time getting back their funds, we are prepared to help them recover it, the police statement read.