Veles Group Analysis: How to Recognize Fraud
Experienced scammers always look for new ways to deceive. As soon as their latest project becomes known due to negative reviews, they change their strategy and start anew. While it may be difficult to identify fraudsters, conducting a detailed analysis can always reveal connections to previous fraudulent schemes. Using Veles Group as an example, we will uncover how to do this.
Veles Group Assessment
On the Veles Group web platform, there is no information about their experience in financial markets, detailed data on successes, and strategic planning are missing. The domain was registered on June 27, 2022, which explains the lack of reviews on independent resources.
It is noteworthy that a company presenting itself as international only has a Russian-language website and the reviews on it are posted on behalf of Russian citizens, which may suggest the broker’s local nature.
Support is provided through several phone numbers, one of which is associated with spam and fraud, and both email addresses intended for questions and conflicts turned out to be fake.
Legal Aspects
There is no information about the parent company, although a company registration certificate in the Marshall Islands from June 25, 2020, exists. However, the absence of a license for brokerage activities makes Veles Group’s operations illegal.
The broker is oriented towards Russian traders, but its activities do not comply with Federal Law 460-FZ, and there is no approval from the Central Bank of Russia. Additionally, Veles Group is associated with other suspicious projects, such as 770invest.
Collaboration Conditions
Veles Group attracts clients with lucrative offers, including bonuses, educational programs, and access to trading instruments. Offered account types:
- Mini, starting deposit – $150;
- Standart, minimum deposit – $500;
- Gold, deposit – $5,000;
- Platinum, deposit – $10,000;
- ECN, deposit – from $25,000.
Reviews indicate dishonest profit payment to traders.
Positive Reviews and Veles Group Fraud Algorithm
Currently, there are few reviews of Veles Group, with the majority being positive. However, the presence of fake reviews and connections to the project’s predecessors raise doubts.
The broker attracts novices with low investments and additional bonuses but hides the conditions of their use. Traders find themselves trapped and unable to withdraw their funds.
Veles Group Review Summary
Veles Group represents a risky proposition backed by an old scam scheme. With numerous signs of dishonesty and connections to similar projects, we recommend refraining from investing in this company.
I am extremely dissatisfied with Veles Group’s services as they have not provided the professional and transparent services promised, giving rise to suspicions of a scam.