Bankruptcy Order Issued against FX Trading Operator Mohammed Maricar

The UK Financial Conduct Authority (FCA) announced on August 9 that it has obtained a bankruptcy order against Mohammed Fuaath Haja Maideen Maricar (Maricar), due to his involvement with 24HR Trading Academy Ltd in unlawfully promoting and arranging forex trading using CFDs.

The UK financial watchdog detailed that on 25 March 2021, the High Court ordered Maricar to pay £530,000 to the FCA to distribute to victims of an unlawful forex trading business, following an application for summary judgment by the FCA.

However, Maricar has failed to make any payment in relation to the High Court’s restitution order. 

On 30 June 2021, the Court of Appeal refused Maricar’s application for permission to appeal. 

On 14 June 2021, the FCA filed a bankruptcy petition, seeking a bankruptcy order against Maricar, and he did not oppose the FCA’s petition.

On 3 August 2021, the High Court made a bankruptcy order against Mr Maricar. 

The FCA noted that the Official Receiver / bankruptcy trustee would assess Maricar’s financial affairs, with the aim of any recovered funds being distributed to his creditors. And it would in due course seek to distribute any money which it receives from the bankruptcy process to eligible consumers.