Olymp Trade — Urgent Complaint Against Olymp Trade Withholding Withdrawals & Financial Loss

Hello,

I, Yathish Kumar N, a resident of 115/4, Bandepalya, Bangalore - 560068, would like to formally complain about Olymp Trade, an online trading platform, for the unethical and fraudulent withholding of my withdrawal requests, causing me significant financial distress.

Details of the Issue:
case 1: ₹49, 000 Withdrawal Delay

Withdrawal Request Date: January 24, 2025, at 05:29 AM
Request Number: #[protected]
Status: Marked as "Done" by Olymp Trade, but the amount never reached my ICICI Bank account.
UTR Provided (After 20+ Days): [protected]
ICICI Bank’s Response: The bank confirmed that the funds were never credited to my account and that since the transaction was from a non-ICICI source, they could not trace it.

case 2 : ₹4, 500 Withdrawal Delay

Withdrawal Request Date: February 13, 2025, at 10:57 PM
Request Number: #[protected]
Status: Marked as "Done" by Olymp Trade, but the funds have not reached my account.
Current Status: Olymp Trade keeps extending the resolution timeline without any valid reason.

Attempts to Resolve the Issue:
I have repeatedly contacted Olymp Trade customer support, yet they continue to delay and give false assurances.
They asked me to provide bank statements, which I have done multiple times, but they keep re-requesting them, delaying my case.
They initially refused to provide UTR numbers, which could have helped in tracking the transaction sooner.
Even after providing the UTR, ICICI Bank confirmed that the transaction was never received on their end, meaning Olymp Trade has falsely marked the withdrawals as “Done.”
Now, they claim my case is "rare" and ask me to wait indefinitely.
Impact of Their Negligence:
Due to this deliberate delay, I have suffered major financial stress and losses. I had planned my finances based on the expected withdrawal, but this fraudulent withholding of my own money has led to serious consequences.
This violates fair business practices and appears to be a clear case of mismanagement or financial fraud by Olymp Trade.

My Demands:
Immediate refund of ₹49, 000 and ₹4, 500 into my bank account.
Compensation for the financial hardship and stress caused due to their negligence.
A thorough investigation into Olymp Trade's unethical practices to prevent further victimization of traders.
Supporting Documents:
Screenshots of withdrawal confirmations from Olymp Trade (Attached).
Email response from ICICI Bank confirming that the funds were never credited (Attached).
Correspondence with Olymp Trade support proving their intentional delays (Attached).
I request the Consumer Forum to take strict action against Olymp Trade for withholding customer funds and misleading traders. If the matter is not resolved urgently, I will escalate this complaint to higher authorities, including RBI, SEBI, and Cyber Crime authorities.

I expect a swift resolution to this complaint. Please confirm receipt of this email and update me on further action at [protected]@gmail.com or [protected].

Regards,
Yathish Kumar N
Trading ID:[protected]
Contact: [protected]
Email: [protected]@gmail.com