When I try to withdraw my funds, the FIRE wouldn't let me and asked me to pay 10% of balance to go through capital verification to rule out the money laundering other illegal source of capital investment. I had to empty my 401K, borrow money from friends, and some loans to come up with $466K (10% of the balance). The FIRE promised that after the capital verification, the 10% verification fee would be returned but they didn't do it after the capital verification. They merged my 10% fee with my balance.

Now the account balance is: $5,136,101.93

After successful capital verification (I am not sure how did they do it), I try to withdraw funds, but they added another roadblock, they are asking me to pay 20% capital gain tax as per UK legal authorities. I have contacted the UK Taxing authority (HMRC) about this tax issue, the HMRC categorically said I shouldn't be paying tax to FIRE. I am attaching the document here. I also shared the HMRC doc with FIRE, but they ignore it and continue to insist that I pay 20% capital gain tax. 

Nowadays, its impossible to get the response from FIRE.

Dear Ashok Mudgapalli,

We have received your complaint and have conveyed to FIRE PHOENIX. But you must know that they are s scammer, scam broker https://www.brokersview.com/brokers/fire-phoenix.

Could you please provide some proofs to support your complaint? including trading account number, deposit amount, trading records and chat history with this broker. You may add proofs in your complaint. 

we will try to urge broker to settle your issue. If any response, we will immediately inform you. 

It is strongly suggested that you report the case to the local police ASAP. Enforcements are authorized to recover ill-gotten from criminals.

Best regards

BrokersView Team

service@brokersview.com

The FIRE Phoenix platform has frozen my funds since they are demanding I pay a 20% capital gain tax to the UK.  However, I have verified with UK taxing authority (HMRC) that I should not pay FIRE.

My story is similar to another investor on the FIRE Platform. I traded for 4 months (July 2023 - Oct 2023). After October, I decided to pull the funds, the FIRE said I needed to pay 10% of account balance to perform capital verification. The FIRE promised that my capital verification would be returned to me after the verification.  I did pay the capital verification fee, after which the FIRE said my funds are clean but the FIRE added my capital fee back into my trading account instead of returning it to me. They violated their promise of returning my funds. Then I tried to withdraw all my funds but they demanded I pay 20% capital gain tax, until then they froze my account.

Now they are changing their web sites multiple times,  from https://www.firephoenix.cc/pc/#/layout  to https://www.zodialtd.cc/pc/#/layout. I still see my funds on this platform.  Also they changed their home page to https://firephoenixex.com/#/home and claim that they are not aware of the trading platform https://www.zodialtd.cc/pc/#/layout where my funds are sitting.

Is there anyway you could suggest some legal or governmental help? Thanks.

Sincerely,

AM