The UK's Financial Conduct Authority (FCA) has announced it has secured funds to pay victims of 24HR Trading Academy Ltd, an illegal contract for difference (CFDs) platform run by its sole director Mohammed Maricar.

The FCA detailed that it had received a payment of £106,650 from the official receiver and was now seeking a distribution order from the High Court. Now, it will directly contact victims of the fraud platform operated by Maricar.

The FCA said that since 2017, 24HTA and/or Maricar have been providing investment advice to investors and arranging investment transactions without FCA authorisation; Investment promotion without the approval of an authorized person. Mr. Maricar, as a director of the company, has been condoning 24HTA's violations.

24HTA/Maricar has been Posting "trading signals" and offering investment advice via WhatsApp and other social platforms for a fee. They told investors that if they followed these trading instructions, they would make substantial gains.

24HTA/Maricar also induces investors to open an account with a so-called "partner broker," from which 24HTA/Maricar receives an account opening rebate and other rebates.

The FCA has previously obtained an "interim injunction" from the court to stop 24HTA/Maricar from continuing with the potential fraud and to freeze up to £624,311 of its assets.

In recent years, the FCA has been tightening its grip on misconduct in the financial services industry. Last year, it blocked 8,582 financial promotions, an annual increase of 1,400%, and issued more than 1,800 fraud alerts. On top of that, regulators are actively warning fraudulent platforms, and a series of measures have helped 25% of UK investors avoid scams.