FCA Issues Warning Against Ukrainian Forex Scam WFT Group

On December 14, 2020, the UK Financial Conduct Authority (FCA) issued a public warning concerning the fraudulent forex broker WFT Group, also known as WFT World. The scam operates through the domains www.wft.world and www.wft.group.

Entities Behind the Scheme

The investigation uncovered IT Consult Pro Ltd as one of the entities operating the scam. The company is associated with an account at TransferWise Europe (now Wise) under the IBAN LT633270001000069681. On the WFT Group’s website, Invest Group LLC, registered in St. Vincent and the Grenadines, is named as another associated operator.

Invoice and Bank Transfer Scheme

Victims who made deposits via SEPA or SWIFT bank transfers were issued invoices labeled as service payments from IT Consult Pro. This company is also identified in the invoices as the main operator of the scam. A sample invoice indicates its involvement and can be referenced for additional evidence.

Use of Known Payment Processors

The scam integrated several high-risk payment processors to facilitate transactions, notably:

• iPayTotal

• BridgerPay, a platform founded by Ran Cohen

These companies have previously been associated with multiple high-risk financial operations.

Estimated Scale of Victimization

Invoice data indicates more than 660 victims may have already been affected. Given that this figure only accounts for those who paid via wire transfers, the actual number is likely far higher when factoring in credit card and crypto transactions. Estimates suggest the scam may have defrauded well over 1,000 individuals globally.

Key Individual Identified

The scheme’s trail leads to Serhii Orlov, a Ukrainian citizen born in February 1973, who is listed as the director and beneficial owner of IT Consult Pro Ltd. The company itself was incorporated in August 2020, shortly before the scam gained traction.

Summary Table: Key Information

Final Note

The scam was flagged due to whistleblower tips and regulatory monitoring. Victims are encouraged to file reports against involved entities and payment processors to assist ongoing investigations.

For related insights, see reports by Scam-Or Project, which tracks fraudulent financial schemes across jurisdictions.