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I have a question on the broker ModMont Services Limited based in Seychelles Island and regulated under Seychelles Financial Authority. I opened an account and has traded on forex, stocks and indices with this broker. My concern is the broker always require me to continually to increse my investment deposit until I exhausted my fund. The broker always promised more profit and returns, however always find excuse when I want to withraw the profit. I want to stop trading as I find I have acheived a certain level of capital gain or profits, but the broker persistently refused to allow me to stop trading. At one point the trading suffered a loss and the broker then asked for more deposit as margin call.I am in limbo now, I suspected this is a scam. Please help me on how can I recover my money (deposit) back.
Hi there,
Thanks for your message. I’m sorry to hear you’ve been caught up in this situation. And yes, the behavior you described strongly aligns with common scam tactics. Requiring constant deposits, making excuses for withholding withdrawals, and pressuring you to continue trading are all red flags. Please stop making any further deposits immediately and avoiding further engagement with this broker.
Unfortunately, recovering funds from such schemes is challenging and chances of success are rather low. After investigating numerous money recovery services we found that they are just another layer of fraud. We could not find any that was proved to be legitimate. So, please do not use these services as it will only lead to further losses. You can find more details here:
https://brokerchooser.com/safety/scam/money-recovery-scams.
Regardless, I would recommend checking the following article where we collected a few things you can try to get your funds back: https://brokerchooser.com/forex/regulation/scams#how-to-recover-your-funds-when-scammed.
Please let me know if you have any questions.
Best wishes,
Andris