BeAlgo and Algotechs Funds Recovery

Case Description

The BeAlgo-Algotechs scam operated via the domains www.bealgo.com and www.algotechs.com as an illegal, unregistered FOREX, CFD, binary options broker scheme. Financial market supervisory authorities of various jurisdictions have warned against this platform and have issued respective cease and desist orders.

The Bulgarian B.A.X. EOOD is presented as the official scheme operator on the BeAlgo website whereas the Algotechs Limited registered on the Seychelles allegedly develops the trading software for BeAlgo.

The involved payment services provider (PSP) is UPayCard.


In a joint effort with cheated investors (traders) and law firms and media partners EFRI will further investigate the background and operators of BeAlgo-Algotechs scam.

EFRI collects the claims from defrauded investors to and take a joint approach (class action) against BeAlgo, Algotechs, its operators, co-conspirators, and payment services providers (PSP). Registered EFRI claimants will be represented by EFRI in the respective claiming procedures.

Registration of your claim with EFRI means:

  • joining a community of 66 victims from the AlgoTechs/BEALGO scam
  • providing us with a Power of Attorney to enable us to represent you against the authorities
  • providing us with all information about the fraud which happened to you (i.e. all deposit slips, copy or info of the criminal complaint filed with law enforcement
  • being included in the money laundering complaints already filed against all European service providers for this scam
  • being updated on a regular basis about what is going on in the criminal investigations against the scammers
  • joining our efforts to put pressure on the European service providers and authorities to get reimbursement for the losses incurred
  • holding accountable the European organizations and authorities for not creating a safe European cybernet for retail investors.

How do I register my claim?

Investors who have lost their deposits or/and sustained financial harm from these illegally operating broker sites can register their claims using the form provided for this purpose. Please simply click on the “Register claim” button, fill in the form and send it to us.

Please be aware, there is a fee of EUR 75, payable via PayPal to the not-for profit organization EFRI . This is for claim registration, Power of Attorney (POA) and membership of the EFRI Association, and will be used to cover the administrative costs associated with the campaign. Your data will be treated confidentially for the purpose of the campaign only.