Hungarian National Bank bans the American OMR OIL from unlicensed activities

The National Bank of Hungary (NBH) said it banned OMR OIL LLC, the operator of olajkutam.com website, with immediate effect from conducting activities subject to licensing or registration by the central bank in Hungary, the central bank and financial market regulator said on Friday.

The NBH suspected unauthorised fundraising activity and initiated a market oversight procedure against OMR OIL CISCO HELIUM LLC and OMR OIL LLC, the operators of the website, and the private individual involved in their activities. The NBH said the activity under investigation is conducted by OMR OIL LLC, which is looking for investors, and has so far concluded contracts with dozens of Hungarian natural persons. Account data show that hundreds of thousands of US dollars have been transferred to the company since December 2022.

The NBH said its ruling does not affect the client’s repayment obligations to investors related to investments already received. The NBH has also filed a complaint with the Budapest Chief Prosecutor’s Office.

Read also:

• 18+ VIDEO, PHOTOS: Vietnamese assassins tried to execute a Vietnamese man with machetes in Budapest!
• Hungarian gang ripped off foreign tourists in Budapest, the damage reaches EUR 2.5 million – PHOTOS