Without warning, there is no great news, overnight, their currency trading account funds suddenly "from positive to negative." As dramatic as it sounds, users of the MIA platform (MIA) are experiencing just that.

On June 4, a Huiyou in Xi 'an was terrified and at a loss when his account balance in Meji had more than $30,000 the day before, and had turned into "-2,171.44" overnight.

On June 5, hundreds of investors doing currency trading on the Meji platform suffered from accounts that suddenly turned from "profit" to "loss", and they came from Hunan, Guangdong, Shanxi, Shaanxi and other regions. At present, a number of investors have chosen to call the police.

In fact, on the day of June 5 or even earlier, Huiyou asked the relevant information of the Meji platform in FX110 network, FX110 network found that the Meji platform should be a custodian company, the currency industry has several typical pyramid marketing companies under the name of fund custody fraud, it is recommended not to do any transactions with this company, And the platform gave a timely reply, but there are still many investors account funds were suddenly lost.

Friends recommended, tasted the sweetness

According to this Hui you in Xi 'an, her friend is a user of Meji, saying that this platform has traders to help "fry", and basically make money. Under the recommendation of friends, in November 2018, she also started the process of investing in Meji platform.

Huiyou's first investment was not made to Meji's staff, but to her friend, 71,482 renminbi, or $10,000 at the exchange rate at the time and a 3 per cent commission charged by Meji. On the same day, she downloaded a "MetaTrader" APP and tied it to her account and password. After starting the "speculation", basically every Friday, she will get earnings, during which she does not have to do any operations, and sometimes the earnings are given to her directly by friends, and sometimes she withdraws from her own account, which is also RMB.

Pull friends to join, account funds overnight "from positive to negative"

Because the Meji "speculation" can bring profits every week, Huiyou increased its investment, on January 26, 2019, it also recommended four of its friends to join the Meji platform, according to the exchange rate at that time, the four friends invested a total of about $40,000, and she also invested $10,000 again. The money was collected and transferred to the friend who originally introduced her to Meager. Each profit is also transferred to Huiyou by this friend, and the record can be seen on her account.

As of June 2019, the Xi 'an Huiyou and her four friends had a total income of more than 170,000 yuan on the Meji platform. The five of them invested nearly 500,000 yuan in Meji.

In Huiyou trading account, the income "type" column shows: profit bonus, individual lot share, Algebraic profit bonus, Algebraic Rips bonus, organizational profit bonus, leadership profit bonus and so on. The first four items in her account have figures, of which the profit bonus is the most, more than 15,000 yuan.

However, when the sudden situation of the user account from profit to loss occurred on the Meji platform on June 4, Huiyou contacted the friend who introduced her to Meji investment to look for the staff of Meji, and found that the friend also started trading through an acquaintance, and did not know the people of Meji company. One by one, it was very difficult to trace back to Meech's staff.

It is not difficult to see that this trading model of Meji platform is a typical financial pyramid scheme to do trading as the head, investors are introduced to join by being on the line, and develop offline by "pulling heads", funds are only remitted to the personal account provided by the superior, and the platform issues recommended income with a bonus system. Disguised as a transaction, it is actually a typical pyramid scheme.

Platform reply failed, Huiyou choose alarm

After the incident, Meji platform for the sudden user account funds "from positive to negative" made a reply. On June 4, Meji Platform issued a "Platform Data Anomaly" notice, indicating that the company has received feedback on the abnormal data of the electronic trading platform and will explain it or report the latest progress within 72 hours.

On June 5, the platform also issued a "Malaysia National Holiday" notice, which pointed out that June 5, 2019 is the most important Eid al-Fitr festival in Malaysia throughout the year, and third-party remittance companies will take a week off, and the previous withdrawal will be processed immediately after the long holiday.

Meji's announcement did not convince Huiyou, she and a number of investors chose to report the case, hoping to do some remedies, and looking forward to the police can promote the progress of the matter. According to feedback from a number of investors, the police in many places have not yet filed a case.

On June 6, the Wuhan police filed a case against a user of the Meji platform. A person from the local police said that the case of the Meji platform is a pyramid scheme illegal fund-raising case, although the company is registered abroad, there are generally agent companies in the country, the victim first reported in the local economic investigation, and then investigated the registration of the agent company in the country for further investigation.

According to the official website of Meji Platform (https://www.mia491.com/#), "The broker that Meji Platform (MIA) is connected to is MyGroupFin-techCoPtyLtd, registration number 24375IBC2017. Australian Financial Services Licence 493603. We are one of the few brokers in Asia Pacific to hold both NFA and ASIC financial licences."

Meji platform official website regulatory information introduction screenshot

According to FX110, the broker that Meji platform claims to be connected to, My Group Fintech Co Pty Ltd, is regulated by ASIC493603 in Australia and NFA0509912 in the United States, but the website does not disclose the regulatory information of the platform itself. Upon enquiry, the corresponding platform name of ASIC493603 is MY GROUP FINTECH CO PTY LTD, and the registered email address on ASIC is: jamie@myfourweeks.com.au. Asic is a bond and securities platform that does not do trading.

The platform name corresponding to NFA0509912 in the United States is MY GROUP FINTECH CO PTY LTD, which is registered as a dormant company with no business activities on NFA.

It can be seen that Meji platform should be a custodial company, and there are several typical pyramid scheme companies in the currency industry that commit fraud in the name of capital custody, and once this kind of fraud occurs, it is difficult to trace, difficult to enforce the law, difficult to solve the case, as long as the cost is difficult to return. Please be careful!