Achin Sharma V. IQ Option Europe is a representative suit filed before a district court of Delhi charging IQ option, an online trading forum for cryptocurrency fraud. IQ Options is an online trading platform that enables its users to trade cryptocurrency. The defendant company claims that it has over 40 million satisfied customers. On the contrary, the plaintiff claims that the defendant uses compound algorithms to confuse and cheat its users.
Besides, the plaintiff claims that the defendant charges an unreasonable fee on the users as a 'services charge', and demands an unreasonable amount of money to surrender with the company as deposits. The plaintiff further claims that the defendant restrains its users from withdrawing the money by its users. The IQ options use its marketing strategies and colorful websites to cheat thousands of innocent Indian citizens and mint money according to the company’s whims and fancies, the plaintiff claims.
In support of his accusations, the plaintiff has produced screenshots of various transactions, the dissatisfaction expressed by various users on Google play store and various other platforms. The plaintiff claims that he himself is a victim of the defendants defrauding strategies.
The plaintiff has prayed for issuing a public notice by the court to gather all the dissatisfied and aggrieved users to support his claim and make his claims strong and effective. The plaintiff has also sought a permanent injunction against the defendant to stop all their transaction until further order by the court. The plaintiff is represented by Advocate Nipun Saxena and Advocate Serena Sharma.
The Additional District Judge, Vandan Jain has issued a public notice to invite all the aggrieved users to approach the court and submit their grievances. Accordingly, a notice has been published in local and English newspapers. The matter has been listed on 30th March or further hearing.