Sengbao Bank

A Sengbao review: Scam or Service

A bank that, on the surface, looks legitimate won’t always be trustworthy. The site may look official, but don’t be fooled by bank fraud. Still, view the fine print before investing and be aware of a scam’s warning signs in a banks’ clothing.

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

Broker Data

Feature Sengbao-Bank
Year Founded
2020
Publicly Traded
No
Bank
Trading Account
Tier-1 Licenses
No
Tier-2 Licenses
No
Tier-3 Licenses
No
Trust Score
-
Overall
-

Sengbao Bank: An Overview

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

Pros and Cons of investing with Sengbao Bank:

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.

Spotting a scam:

Here are some possible red flags for spotting a scam banking site such as Sengbao Bank:

  • the broker freezing your account
  • blocking your account
  • being unable to log back in
  • money has been taken out from the account without any information
  • the broker isn’t answering your calls
  • the broker shut down their website
  • the broker took money from your bank account without permission
  • the broker is offering a bonus or large sum to make up for losing a large sum
  • A significant lack of details online, no legal information or contact information
  • Promises of unbelievably huge earnings
  • Questionable content, such as misspellings, lack of clear and concise content.
  • A pushy sale team often disguised as a friendly support team
  • No Better Business Bureau profile

Before choosing to invest, you should always investigate the business for any red flags indicating a scam. A company may seem inconspicuous at first glance, but once taking a closer look at the finer details, scams can be spotted before any financial mistakes can be made.

Sengbao bank can be spotted as a scam by a quick look at their webpage. If you check the source code, this is a copy of a legitimate broker’s site. Most of the site links don’t work, and what dynamic pages are on their site are limited in exact financial details. Even the forgotten password link doesn’t work, keeping an eye out for more information like this can help you prevent being scammed before any significant damage is done.

When it comes to scams, the devil is in the details. Check if the site is fully working, if their site has terms and conditions, and what those terms are. Strange looking logos, spelling mistakes, grammatical errors can all be the early warning signs of a scam site looking to shake you down for your hard-earned savings.

Been Scammed by this Broker?
How can you be helped?

How can Trader Defence Advisory help?

If you have been scammed out of your hard earnings by Sengbao Bank, then Trader Defence Advisory 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.

Trader Defence Advisory 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 Trader Defence Advisory, both your funds and the funds of many other victims can be reclaimed.