Sengbao bank claims to be a Chinese bank that operates out of Beijing as a legitimate bank. However, with a quick check of their source code, you can see that the website is copied from another bank

SengBao Bank

So, is Sengbao Bank a scam? Are they A legitimate bank or a front for something more sinister?

Year Created2020
RegulationNo
Minimum Deposit
Product TypesForex, CFDs, Currencies and Indices
Products OfferedMore than 200 products to Trade

An Overview of SengBao-Bank

 

Sengbao bank claims to be a Chinese bank that operates out of Beijing as a legitimate bank. However, with a quick check of their source code, you can see that the website is copied from another bank. The address listed on their site in Beijing has links to the Panama papers on overseas investment, and a ‘whois’ search connects the company with a P.O box in Panama.

They are a scam that pretends to be a bank where a client’s fake winnings are sent. The client is then asked to deposit another $1620 of ‘refundable’ funds to activate the offshore account. Of course, this is all fake, and once your money is deposited, they will do anything within their means to prevent you from withdrawing any money.  

This fraud is done using another scam site tradertrust.online.com, and the same people run the two locations. Trader trust online is a whole other bitcoin scam just by itself, and their links to this scam broker say enough by itself.

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Is SengBao-Bank a scam?

In short, yes, Sengbao-Bank.com is a scam. The site was put up in 2020, and already there has been a tremendous spike in complaints about this site. Clients are reporting that they receive pushy phone calls asking them to make deposits using cryptocurrency. They are pushing for deposits between 2-5k, and many clients have made multiple deposits.

Once the clients attempt to withdraw or stop depositing, the agents at Sengbao become very aggressive. Clients are then contacted by a separate refund company offering to ‘recover funds’ from Sengbao-Bank. This second company is another scam run by Sengbao.

In most cases, complaints about Sengbao-Bank mention an initial $2500 deposit, another large deposit, and then smaller deposits. Typically, clients report around 10k in lost funds, but there have been cases of more significant losses at the hands of Sengbao Bank.

SengBao Bank: Scam Warning Signs

 Cons:
  • Only just registered in 2020
  • The site is a mirror of another banking site
  • No web presence online, unknown and untested
  • No real content on the site
  • No legal terms and conditions on the site
  • All social media links take you back to the about page
  • No customer support
  • Suspected shell company
  • The massive volume of customer complaints
  • Unregulated and unknown
  • The address listed on the site has suspicious links
  • Forcing clients to make deposits

Pros:

There are simply no pros to investing with the company. This Broker is a complete scam and not a bank. There have not been any reports of clients withdrawing funds from this site, and once you deposit with them, your money is gone. This is not a service, and this is a scam pure and simple.

We at Trader Defence advisory urge you not to send any funds to this fraudulent website. If they have been in touch with you or if you had deposited with them. Stop communications and do not deposit any further funds before reaching out for legal support to help you recover funds lost by this scam.

How can Fund Recall help?

f you have been scammed out of your hard earnings by Sengbao Bank, then Fund Recall and their team of legal professionals can help you recover your funds. You can request a free consultation today on their webpage. You can also file a report on a broker to get in contact with their hard-working team of legal professionals to help you get the support you need to recover your lost finances.

Fund Recall has identified Sengbao Bank as a dangerous case of bank impersonation fraud. Scam brokers such as Sengbao bank have to be identified and avoided by investors to keep your trading funds safe. Sengbao-bank has shown scam behaviors common in fraud cases such as copying legitimate brokers’ sites, unregulated business practice, illegitimate bonuses, and withdrawal conditions.

If you have previously considered investing with this fraudulent broker, then take this warning to avoid their ‘services’ at all costs. They are a complete scam and offer no such ‘services.’ Any deposits you make with them will be lost to their fraud. If you have already invested with Sengbao Bank, know that you are not alone, and together with Fund recall, both your funds and the funds of many other victims can be reclaimed.

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