IDB Capital Website: http://www.idbkenya.com
Regulated By: None
Warned By: Comisión Nacional de Valores (CNV)
In this IDB Capital review, you will get to know the scams done by this broker. Argentinian regulator ACOMISIÓN NACIONAL DE VALORES (CNV) had issued a notice to alert investors to stay away from IDB Capital and IDB S.R.L.
IDB Capital is based in Kenya. Its address is 18th floor, National Bank Building, Harambee Avenue, City Centre, Nairobi, Kenya 00100. Its email ID is firstname.lastname@example.org and phone no. +254 20 2247142. On its website, the firm claims to offer financial services. The Facebook page claims that it supports industrial and commercial enterprises in Kenya and functions as a development finance institution. In additional information, the site claims that it is a decree to advance economic development in Kenya by assisting in the expansion, establishment, and modernizing small, medium, and large scale industrial and commercial enterprises. The financial services they offer are asset financing, project financing, working capital, and bridging finance. They promote sustainable and competitive development.
Why CNV banned IDB Capital?
Argentinian regulator, CNV in their resolution clearly stated that IDB Capital and IDB S.R.L. are not authorized to perform any legal transaction with tradable securities. They will not be able to invite specific segments or groups for trading in securities. They cannot conduct any meetings, conferences, or distribute their financial products. This was passed in a resolution no RESFC-2022-21692-APNDIR#CNV dated 30th March 2022.
IDB Capital’s website is not working presently. However, when it was working it did not fall under any regulatory body or agency. This is one of the imperative things to note. This is a red flag regarding the company. They also provided “automated trading software”. Websites that provide this type of automated software are notoriously well known for scamming schemes that they offer.
How did IDB Capital work?
IDB Capitals personnel and staff members used to call people and motivated them to make a small initial deposit. In the first phase, they will double your initial deposit. Once you have made money you will then be transferred to another agent called “retention agent”. He is an experienced person, will talk sweetly with you, and will persuade and convince you to deposit more amounts so you profit more. Once you are trapped in his sweet talk and deposit money willingly.
Withdrawing your funds
As you play further, you will see that you are winning. Everything goes on smoothly until you continue depositing. The problem starts when you submit a withdrawal request. Your withdrawal process will seem to stretch like a rubber band. It will be delayed for months in end. If your delay period is more than six months, you will not be able to file a chargeback. Your money has gone for good.
How to get your money back?
If you lost your money from the IDB Capitals scam, do not lose hope. The first thing you do is to contact your debit/credit card provider or your local bank. You will have to describe to your financial provider how you were misled into depositing the amount.
If you are a victim of a forex scam, crypto scam, binary scam, or any other scam, file a complaint and report what happened to you. If you like to trade do it with a regulated broker, and trustworthy broker. Before choosing, any broker read their review at scam brokers 2022 list.
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Read about another scam broker: Infinity 4X