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Delhi Court Invites Grievances From Victims of Online Trading Platform IQ Option

The Saket District Court in New Delhi on Thursday has directed the publication of a notice in major daily newspapers inviting grievances from members of the public who may have invested in crypto currencies through online trading platform, IQ Option. The petition filed on behalf of several citizens, who were allegedly duped by the platform, has sought for a permanent injunction against the company's platforms and bar them from operating in India. Bar and Bench was the first to report the development. The suit says that the platform on its website says it has over 40 million registered accounts with the platform and promises to give returns of upto 900% on investments, even with a $1 minimum investment. Users are first asked to register an account on the website, thereafter they have to transfer money into their digital accounts which are used to crypto currency trading. The plaintiff, represented by advocate Nipun Saxena, alleges that says that IQ Option's platforms allowed Indian investors to trade in crypto currencies and used a complex artificial intelligence (AI) algorithm to manipulate and defraud investors by charging an exorbitant amount of fees at the time of making deposits and withdrawing funds. For instance, users are charged a 25% fee when making a deposit with more than $100, the suit says. Further, when a customer wishes to withdraw their funds, the website would prompt the user with a series of error messages. Even once the "one-time free withdrawal" was exhausted, a separate withdrawal fee of…

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