FX Brokers Feedback

emmybeckman

I too have recently had huge problems with FXAworld and the disappearing Rizwan Ali. Around £250K was trapped with them and I had all the issues other posters have described here. The delay cost me several hundred pounds in penalty fees by the party that was due to receive the funds I was transferring.

After nearly three sweaty weeks of constant calls and emails I threatened police action and intended to contact HMRC and any other authorities I could think of. By this point my stress level was getting unbearable. At the time I thought I was the only victim so put it down to a genuine operational issue. It now seems the issue is much more widespread and potentially very serious.

I suggest you threaten them and then actually follow up the threats. Contact the FSA and the police at a very minumum.

After using them for nearly three years and paying all the membership fees I am shocked at what has happened with this formerly very reliable company. I am still in denial that they could now be doing this to people.

frankie118

Emmy, what a jaw-dropping story. I cannot begin to imagine the stress of that sum of money.

I have finally retrieved nearly all my money. I contact the police immediately last week regarding the possibility of internet fraud. They take such things very seriously. At first the police asked if the company was in administration and, if so, there was nothing they could do as it becomes another issue. The company was not in administration so the police could take action if the company continues to accept money from people without performing the agreed service. The police acted promptly, thankfully. I have now received my money and only a small fraction of money remains in the fxaworld account due to the fact that the money could not be withdrawn before settlement. I am attempting to retrieve the small remaining sum now so will provide an update.

In the meantime, I have to thank the police as they were extremely helpful. These currency exchange sites fall outside of FSA jurisdiction therefore Im afraid the FSA cannot help. I did contact HMRC who were most unhelpful. I would think Companies House might be very interested in the operations of FxaWorld since they are registered with this agency. I think this will be my next phone call.

In any event, I am very happy to hear your story ended happily - although I am sure it was very stressful. I had one-quarter of the amount of money stuck in FxaWorld and thought the stress unbearable. I cannot begin to imagine how you felt.

scarynix

FXA WORLD - Nightmare

My father has had exactly the same problems with them too after a transfer of £9000 back in mid may from his UK account to his French A/C and still no money, the story its pretty much the same as most of the recent posts here, no replys to emails, when my father or I call there is either no reply or when we finally get through we are told no one is available and finally they are having an urgent audit. After lots of emails and calls to numerous people we have finally had enough and sent a final email to FXA World explaining that we have notified the media as to where our monies have gone to and are taking further action but still we seem to be going in circles. Finally we were promised by Riz wan Ali he was personally going to the bank to transfer the funds and would provide via email a copy of the bank receipt/transaction info on Friday (guess what no such thing has arrived) and now we are waiting to find out if the funds are in my fathers French account on Tuesday if not I think we have to take legal action and more as it appears there are more and more of us that this is happening to. How many others and what are they doing with our money! am trying to get FSA to investigate this but other posters say it is not within their remit, however VJ Kumar is a registered member of the FSA (see their register) and the Favoir Faire also run by Mr Kumar is linked on their FXA home page so I cannot understand that the FSA cannot get involved when it is regulated members obviously involved in a highly suspicious organisation.

mookid

I went through similar problems as well. This company is quite doggy, it seems they try to hold the money for as long as possible and they ignore phone calls and emails. To get the (in)famous Rizwan Ali at the phone talking to me I had a friend of mine calling in faking that he wanted to open an account and wanted more information from someone in accounts. I got hold of the phone and asked where were my money. He then promised a transfer in my account and that did not happened.

I tried to phone several times and Rizwan was either in meetings, not at his desk, coming in at 11am, out for lunch, busy at the phone or gone home.

To get him at the phone the second time I had to go to the police. Fortunately I found a very helpful officer that phoned in asking what happened to my money and he was then transferred straight away to Rizwan.

Rizwan told him they were having problems with Barcleys but that it s total non sense as I have an account with another bank. Anyway, the day after they sent me a cheque...

Avoid them

Alex75_2

Same problem as the other FXAworld customers, initially worked normally and lately they are just a SCAM and they don't release my funds back. I went to police but they don't seem interested much, I wonder how their assets have not been freezed yet!
STAY AWAY FROM THEM!

gpto

Hi All,
Used the company for last 2 years without a problem but Same story here and £8000 out of pocket since June 10th.
I raised a crime ref yesterday at the Amersham police station crime unit but was surprised to hear that I was the first one to do so and they don't seem to have any other complaints for this company.
No one really seems in a rush to do anything either until more people are complaining. The infamous Rizwan is still not reachable, does not exits or has left the country but despite leaving 50 msg with the receptionist at Zipp card and with the knowledge of police involvement, he did not bother to revert to me.
I have unfortunately no other explanation than him being a seasoned fraudster or with complete disregards of The Police and distress he is causing anyone.
The police advised (until they assigned the case) to raise a complaint with Trading Standard who recommended me to check the insolvency register. Clearly they are still trading and accepting money but not releasing it.
Its becoming clear in my mind that there is something sinister happening in the background than just operational issues and its not different of being robbed of you money despite using a supposedly legitimate Account with Barclays- Has anyone raised a complaint with Barclays?. I have also found on the insolvency.gov.uk a unit called the "companies investigating branches" which again may or may not help but they have advised to get every victims to raise a complaint with them and also to the Amersham trading standard covering the Amersham region as the more cases they have the more likely they are going to do anything about it.
The company House register shows resignation of 3 directors in the last month and I will not be surprised if the company is about to fold... so Police wise, I urge everyone to raise a complaint at the Thames Valley unit so they can at the very least turn up at this address and ask to speak to the Man in question and hopefully ask him to do the payments.
To the people in this forum that have had positive police support would like to provide a bit more detail such as which units/ person was dealing with the case or any crime ref number, that will be greatly appreciated.
regards

wandzia

I am one of their (ex-)customers or victims of the scam, I only have around £1,500 pocketed by the phantomatic Rizwan but the police told me they need a certain number of complaints with the proof of a fraud and not simply a compnay going bust! Call Barclays fraud dept and again they need different customers complaining about them. Please call to report the fraud!

Andrew24310

I'm in the same boat too. I sent £7500 to them 2 weeks ago, converted to euros but they failed to send the money to my account. After a week of calling and emailing several times every day, I contacted Thames Valley police, who said they would call FX World. After 10 minutes, I actually got a call from the fabled Rizwan Ali, who said they were having problems with their connection to the payments network, and the money would be transferred on Monday (22 June).
Of course the money was not sent, and further phone calls and emails met a blank. When I called the police, they told me to send a letter demanding payment within a fixed time, e.g. 7 days, and if the money is not returned within that time then report it to the police as stolen.
I sent the letter today, so will have to wait a week before I can get back to the police.
How many others have still not received their money? I suggest you contact the police and make another post the the forum, so we know how many are still waiting. Thames Valley Police's number is 01865 841 148.
I think I will also try contacting the BBC Watchdog program. Maybe others could do the same?

Alex75_2

Hi all,

I reported everything to the Thames Valley police which was very helpful and took all details and investigate. They also recommended me to contact trading standards authority and more people the better - the Amersham office contact no. is 01296 383212.
thanks and good luck everyone.
A

gpto

Hi all looks like today many of us have raised it to the Amersham trading standard and the chap in charge is taking this seriously and going on site to check it out. Hopefully some update tomorrow. In the meantime also suggest to raise written complaint to CBC who denied any involvement with fxa world despite vijay kumar being a director of CBC and CEO of both fxa and zipp card. Have raised it to BBC watchdog as well but not heard anything back yet... Thames valley police supposedly investigating but not heard back either...