FCA issues scam warning against HANTEC FUNDS
The City watchdog has sounded an alarm over yet another fraudulent clone, this time shedding light on a firm called ‘HANTEC FUNDS’ that has been posing as a UK-based FX trading brand.
The FCA warning comes after the authority warned the public against the suspicious operation of Easy FX Trade, which has been revealed to be manipulating investors by claiming the reference number of the FCA-regulated Hantec Markets.
Although HANTEC FUNDS INVESTMENT doesn’t explicitly claim to be licensed by the FCA, they are in fact using the details of regulated companies in an attempt to convince investors that they work for a genuine firm.
Specifically, HANTEC FUNDS provides contact details, which the FCA warns may be false or mixed with details of a regulated company. But according to the financial regulator, HANTEC FUNDS is not authorized to promote financial services in the UK and has no association with the authorized firm.
Although the FCA didn’t provide further details, the aforementioned company seems to be a fraudulent business. Specifically, HANTEC FUNDS’ website claims to offer investment plans, with returns ranging from 50 percent to 120 percent after 30 days, which raises a red flag as far as investors are concerned.
As one would expect, sites such as HANTEC FUNDS operate as a high yield investment program (HYIP) scheme where returns are always questionable, though they tend to dry up long before the original investment amount is repaid. The company provides no legitimate proof of payouts, and it is likely no one will ever see any money.
Hantec Markets is a subsidiary of Hantec Group and has been a forex trading service provider for more than two decades with offices in London, Sydney, Tokyo, Hong-Kong, Auckland, Dubai Mauritius and Lagos. At the end of 2017, Hantec acquired the retail client base of IKON Finance. The company also signed a three-year agreement with a Premier League football club West Ham United as the official FX partner of the iconic east London team.
