ACH's boss was arrested in Thailand for illegally raising money

The chairlady of an investment management company has been arrested and this news become “talk-of-the-town” among Forex industry. The suspect, Ms. Zhu, the corporate representative of Hangzhou TenXinTang, has been repatriated to China from Thailand under Hangzhous police escort on January 16th.

Photo from Weibo

Photo from Weibo

The suspect, Ms Zhu arrived Xiaoshan airport in Hangzhou at 19:30. Ms Zhu, 48-year-old, a resident of Xuzhou, Jiangsu, was one of the 24 suspects who were involved in illegal online peer-to-peer loan; and, the Chinese public security department has listed them to be wanted person with RMB$100,000 rewards.

Photo from Hangzhou life network

In 2010, Ms. Zhu set up TenXinTang Investment Management Consultng Co. Ltd in Hangzhou and involved in illegal public fundraising practice.

By July 2018, after police investigation, this company was suspected to raise over RMB$1 billion capital through illegal public fundraising and she fled aboard soon.

News has it that Ms. Zhu lived in poverty and was afraid to go out during the escape period.

The website of Hangzhou TengXinTang Investment Management Consulting Co.Ltd

Screenshot from “partner agency” interface of TengXinTang website

It is worth-noticing that one of the TengXingTang partners, AHC, a Forex broker registered in New Zealand, is also owned by Ms. Zhu and has operated the Forex brokerage business for over 2 years.

Screenshot of AHC website

Now the platform website has been shut down.

WikiFX verification of AHC

Screenshot of regulatory information from WikiFX

Per our investigation, ACH holds FSPR (NZ) license (Regulation No. 396506), which is for general financial service only and has no legal status in operating Forex brokerage business.

Overrun business is illegal in China; therefore, AHC is illegal operating Forex brokerage with no valid regulatory status worldwide. It is a fraudulent broker and has higher risk.

Warning from WikiFX

Screenshot of ACH interface from WikiFX

After WikiFX verification, ACH license is invalid and it is a fraudulent broker with valid regulatory status worldwide and the owner has been arrested and kept by Chinese police. Investors are strongly suggested to protect their interest and take necessary action immediately.

Conclusion

WikiFX reminds that investors should know the platforms carefully before starting to trade; check the brokers rating and information in WikiFX and be aware of these suspected brokers to avoid risk.