Doo Group: Uncovering the Truth Behind the Claims

Investigative Report on Doo Group: Unveiling the Truth Behind the Claims

In this investigative report, we delve into the dubious origins and operations of Doo Group, a company that claims to have been established in 2014. Despite their assertions, evidence suggests otherwise, pointing to a pattern of deceptive practices and lack of transparency. We trace the history of their domain registrations, explore their multiple shell companies, and uncover discrepancies in their financial and regulatory claims.

Through meticulous research and analysis, we reveal how Doo Group has managed to operate without proper regulation, putting investors' funds at risk. We provide insights from affected investors, detailed investigations into their financial records, and the company’s efforts to mislead clients with false regulatory credentials. This report aims to shine a light on the fraudulent practices of Doo Group and assist victims in seeking justice.

Stay tuned as we continue to uncover more layers of this financial scam and work towards bringing the perpetrators to account. If you have any information or have been affected, we encourage you to come forward and share your story.

2014 - Doo Group: Uncovering the Truth Behind the Claims

In the official information on Doo Prime’s website, they claim that the so-called “Doo Group” was established in 2014. Let’s take a journey back in time to uncover the reality behind this claim.

First, let’s open Google and search for “Doo Group.”

From the search results, we gather useful information such as domain names, addresses, and company types. Today, we’ll focus on using the domain name as our entry point for investigation.

The search results show that Doo Group (Hong Kong) is registered at the same address as Doo Prime, with the website redirecting to Doo Prime’s main domain. Readers of my previous article will recall that there’s also a Doo Prime registered in the Cayman Islands. So, which one is the main operating entity of Doo Prime? It might not matter much since neither is regulated.

Interestingly, when entering the Hong Kong company’s website, they state they are not protected by Hong Kong law.

Let’s dive deeper and investigate the domain doo.com.

First, we’ll look up the domain’s WHOIS information.

From the WHOIS search results, we can see that the domain owner is hidden. Would a legitimate insurance brokerage company need to hide this information? Both Google and Baidu searches show that the domain is held by a corporate entity.

Next, let’s visit the Internet Archive (archive.org) to see the domain’s history.

The domain has a long history, and three-letter .com domains are quite valuable. How did a deceitful company afford such an expensive domain? Let’s continue our investigation.

Many of their websites claim the group was founded in 2014. Let’s check what the website of a fintech company looked like in 2014.

The last record from 2014 shows that the domain wasn’t yet owned by Doo Group. Could a fintech multinational not have a website?

Or perhaps they used a different domain?

The domain doo.com has been pointing to the Doo Group website for only about six months.

According to the historical records, the domain doogroup.com was previously used.

Though doogroup.com has been registered for many years, it has only been used as Doo Group’s official website since November 2021, which is just over two years ago.

What does this mean? A multinational fintech group founded in 2014 didn’t have a website for seven years?

Let’s look up more information using “Doo Group” as the keyword.

On LinkedIn, we can see their posts about the tenth anniversary. Let’s go back to the initial information.

They claimed to have an office in Hong Kong since 2014, but in 2023, they had to relocate due to a fraud scandal and customer protests?

Let’s search “Doo Forex” on Google. There are many results, so we’ll go through them one by one.

From Qichacha, we find that the legal representative of Doo Forex was indeed Windson Chan, a name mentioned frequently in forex trader complaints.

In addition to “Shenzhen Qianhai Zhongjin Metropolis Technology Co., Ltd.”, there’s also “China Metropolis Holdings Group Co., Ltd.”

Now, let’s take a look at Doo Forex before its rebranding.

Historical records show they once used the domain dooforex.com.

On V2EX, there’s a recruitment post by Windson Chan himself. By comparing the Qichacha profile picture, domain email, and photos from Doo Prime’s website, everything matches. Doo Prime is just a rebranded version of DooForex, which was flagged as a scam by advertising ranking sites at the time.

The historical records show the site wasn’t very active. Most entries are almost blank.

The website in 2017 shows no regulatory information at the bottom.

The website was closed in 2018, with backend links redirecting to user.dooprime.com.

In 2019, the website fully redirected to dooprime.com.

Through multiple domain information queries and corresponding site records, we conclude:

Before 2019, the platform operated under DooForex (Metropolis Finance) without regulation. It then rebranded to Doo Prime, heavily promoting itself starting in 2020. During this time, it registered multiple shell companies in Hong Kong, the Cayman Islands, and other locations. The most recent company mentioned has only been around for a few months. Chinese users are opening accounts with these unregulated entities. Doo Group claims to have multiple regulatory licenses, but this is false advertising. When disputes arise, customers have no recourse as the platform can simply block their accounts and wallets, seizing their funds.

Summary of the Investigative Report on Doo Group

This investigative report has meticulously examined the claims and operations of Doo Group, purportedly established in 2014. Our in-depth analysis reveals a pattern of deception, including the manipulation of regulatory credentials, the use of multiple shell companies, and a lack of transparency in their financial dealings.

Key findings include:

• Dubious Domain History: The domain doo.com was only linked to Doo Group in the past six months, contradicting their claim of being a long-established company.
• Unregulated Operations: Doo Group operates through entities in Hong Kong and the Cayman Islands, both of which lack stringent regulatory oversight.
• Customer Complaints: Numerous investors report being unable to withdraw their funds, facing arbitrary account bans, and suffering significant financial losses.
• Misleading Information: The company’s claim of multiple regulatory licenses is largely fabricated, with many of their operations falling outside legal boundaries.

The report highlights the urgent need for potential investors to exercise caution and conduct thorough due diligence. It also underscores the importance of regulatory bodies to scrutinize such entities more rigorously.

As we continue to investigate and uncover more details, we aim to support victims in their quest for justice and expose the full extent of Doo Group’s fraudulent activities. If you have been affected or possess additional information, we urge you to come forward.

This report serves as a warning and a call to action against the pervasive financial misconduct within Doo Group.

To be continued…