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Forex Traders Stage Protest Following Scam Reports

Dozens of forex traders in Afghanistan’s capital, Kabul, on Monday, staged a protest in front of Albashir Exchange & MSP, a local forex trading firm in Kabul, to ask for the return of the financial assets they have invested in the forex trading market with the help of the Afghan company.

The protestors said their accounts have been blocked over the past few days.

They said that the Albashir company was doing business on their money and that now the officials of the firm are not available to address their concerns and determine the fate of their millions of dollars investments.

The money wasted through such a scam plan is estimated hundreds of millions of millions of dollars, according to Money Exchangers Union. 

“Who is the owner of Albashir? Who was the owner of this Vision Company? They were doing business on our money,” said Enayatullah Fani, a forex trader.

“They had given us a card similar to a bank card. They have retaken it and changed our accounts into another company which is named Unifax,” said Hamid, a protestor.

The protestors said that such scam plans were more dangerous than the former Kabul Bank bankruptcy case.

The forex traders warned to launch protests in front of the Central Bank and office of the Attorney General’s Office if the government does not take action to determine the fate of their money.

“All of us had opened accounts in this company and were trained here,” said one protestor and forex broker Sayed Jan Azimi.

Money exchangers in Kandahar have estimated the money wasted through this business to $1 billion, only in the southern province.

They claimed that those providing the service to the people, including officials of Albashir Exchange MSP, are missing.

“There are rumors that managers of these companies have turned off their cell phones and have closed their main offices. People are very worried and they think that these people have fled,” said Ahmad Shah, a businessman in Kandahar.

“We call on President Ashraf Ghani to arrest these people and take serious action against them,” said Noorullah, an investor in Kandahar.

No one from the Albashir Exchange & MSP company was available to talk about the allegations.

“We do our assessments in the market to prevent such a business,” said Mohammad Salim Salah, head of banking oversight department of the Central Bank.

Statistics by Kabul-based Money Exchangers Union indicate that the foreign exchange, or forex, trading has inflicted "hundreds of millions of dollars" of loss to Afghans who have invested in the business since it was initially brought to Afghanistan in 2005. 

The statistics show that “billions of dollars” have been taken out of Afghanistan under the pretext of forex trading during this period.

Statistics indicate that over 7,000 people have been associated with the business in Kandahar over the past 14 years and most of them suffered heavy financial losses.

Business

Forex Traders Stage Protest Following Scam Reports

Protesting investors said they will expand their rallies if their voice was not heard.

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Dozens of forex traders in Afghanistan’s capital, Kabul, on Monday, staged a protest in front of Albashir Exchange & MSP, a local forex trading firm in Kabul, to ask for the return of the financial assets they have invested in the forex trading market with the help of the Afghan company.

The protestors said their accounts have been blocked over the past few days.

They said that the Albashir company was doing business on their money and that now the officials of the firm are not available to address their concerns and determine the fate of their millions of dollars investments.

The money wasted through such a scam plan is estimated hundreds of millions of millions of dollars, according to Money Exchangers Union. 

“Who is the owner of Albashir? Who was the owner of this Vision Company? They were doing business on our money,” said Enayatullah Fani, a forex trader.

“They had given us a card similar to a bank card. They have retaken it and changed our accounts into another company which is named Unifax,” said Hamid, a protestor.

The protestors said that such scam plans were more dangerous than the former Kabul Bank bankruptcy case.

The forex traders warned to launch protests in front of the Central Bank and office of the Attorney General’s Office if the government does not take action to determine the fate of their money.

“All of us had opened accounts in this company and were trained here,” said one protestor and forex broker Sayed Jan Azimi.

Money exchangers in Kandahar have estimated the money wasted through this business to $1 billion, only in the southern province.

They claimed that those providing the service to the people, including officials of Albashir Exchange MSP, are missing.

“There are rumors that managers of these companies have turned off their cell phones and have closed their main offices. People are very worried and they think that these people have fled,” said Ahmad Shah, a businessman in Kandahar.

“We call on President Ashraf Ghani to arrest these people and take serious action against them,” said Noorullah, an investor in Kandahar.

No one from the Albashir Exchange & MSP company was available to talk about the allegations.

“We do our assessments in the market to prevent such a business,” said Mohammad Salim Salah, head of banking oversight department of the Central Bank.

Statistics by Kabul-based Money Exchangers Union indicate that the foreign exchange, or forex, trading has inflicted "hundreds of millions of dollars" of loss to Afghans who have invested in the business since it was initially brought to Afghanistan in 2005. 

The statistics show that “billions of dollars” have been taken out of Afghanistan under the pretext of forex trading during this period.

Statistics indicate that over 7,000 people have been associated with the business in Kandahar over the past 14 years and most of them suffered heavy financial losses.

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