In March, 2018, Mr. Cheng was introduced to Mfeforex by an IB and began trading on the platform, during which he remained in contact with the IB agent about his deposits and other investment issues. At first, Mr. Cheng’s investment at Mfeforex was profitable and he also developed a trust for the IB, so he never doubted the compliance of Mfeforex. But in December, he was suddenly unable to withdraw. Mr. Cheng immediately consulted the IB, who told him that the withdrawal channel was “temporarily unavailable” and directed him to transfer his account balance to a designated account, assuring him that they will assist his withdrawal by first “borrowing” and then “returning” the money. The IB also offered a loan receipt and promised to repay the debt within a year. Under the IB’s instructions, Mr. Cheng soon completed the rather peculiar “withdrawal” process and got the “loan receipt” from the IB, but he never received any refund after waiting for a long time. What’s worse, Mr. Cheng also found he could no longer log in the account on Mfeforex , rendering his account balance unavailable. When he tried to contact the broker by email, the address turned out to be invalid. Mr. Cheng then realized that he was cheated.
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