Niky Kundnani

Full Report

Key Points

• Niky Kundnani, also known as Nicky Gope Kundnani, is a former director of multiple financial firms, including Alchemy Prime Ltd and FDCTech Inc., with ties to offshore broker operations accused of regulatory violations and misleading practices.
• Allegations center on involvement in scams like the NSFX acquisition by FDCTech, where lack of transparency about connections to the Alchemy Group raises fraud concerns.
• Associated with the Alchemy Group, owned by Gope Shyamdas Kundnani (likely a relative), which faces warnings from Spanish CNMV for unauthorized offshore activities targeting EU and UK clients.
• Several companies linked to him, such as Blackthorn Finance Ltd., are in liquidation or terminated, indicating operational instability.
• Low trust scores and reports of potential conflicts of interest highlight reputational damage and investor risks.

Overview

Niky Kundnani, professionally known as Nicky Gope Kundnani, is a London-based businessman involved in the financial services sector, particularly in brokerage and fintech firms. He has held directorships in various companies within the Alchemy Group, including Alchemy Prime Ltd (an FCA-regulated UK investment firm) and Alchemy Markets (an offshore broker). His roles have included CEO, director, and secretary positions across entities focused on trading platforms, payment services, and brokerages. Kundnani was also a board member at FDCTech Inc., a California-based company that provides technology for forex and CFD trading. The Alchemy Group, under which many of his associations fall, operates globally with a focus on multi-currency accounts, offshore brokerage, and payment processing, often leveraging regulated entities like Alchemy Prime to support unregulated offshore operations. He resigned from many directorships around July 2023, with companies like FWNK Ltd. and Neritum Ltd. having significant capital (£1,000,000 each).

Allegations and Concerns

• Regulatory Violations and Misleading Practices: Accused of using similar branding between regulated (Alchemy Prime) and offshore (Alchemy Markets) entities to mislead customers, potentially violating EU and UK regulations by targeting restricted markets. The Spanish CNMV issued a warning in July 2022 against Alchemy Markets for unauthorized activities.
• NSFX Scam Involvement: Linked to the opaque 2023 acquisition of NSFX by FDCTech, where undisclosed connections to the Alchemy Group suggest hidden ownership and potential fraud, with FDCTech acquiring 50.1% but failing to mention full control by related parties.
• Offshore Scam Operations: Allegations that Alchemy’s offshore brokers, like FXPIG, use regulated payment agents to facilitate unregulated trading, robbing traders through poor oversight and high-risk environments
• Conflicts of Interest: Dual roles in Alchemy Group and FDCTech raise questions about transparency and self-dealing.
• Website Deficiencies: Alchemy Markets’ site lacks essential documents (e.g., client agreements, privacy policies), leading to 404 errors and concerns over legitimacy.Customer Feedback

Positive feedback is scarce in available sources, with no explicit endorsements or quotes praising Kundnani or his companies. Some reports note the professional facade of Alchemy Prime as FCA-regulated, but this is overshadowed by concerns.

Negative feedback dominates, focusing on scam perceptions and lack of transparency. For instance, a review on FinanceScam.com states: “So FDCTech conveniently forgot to mention they’re connected to Alchemy Group? That’s shady as hell. Investors deserve full transparency, not hidden relationships.” (by Isabel Shaw). Other complaints describe Alchemy’s operations as “dangerous scam” and “fraud committed to defraud gullible or avaricious investors,” highlighting misleading branding and regulatory bypasses. A YouTube video titled “Niky Kundnani: Alchemy’s Offshore Scam Traders Robbed Blind” echoes these sentiments, emphasizing financial risks to traders. Overall, reviews rate entities low (e.g., 1.7/5 on trust, risk, and brand metrics), with users warning of potential investor losses.

Risk Considerations

• Financial Risks: Involvement in offshore brokers allows unregulated deposits (e.g., up to $50,000 pre-KYC), exposing investors to losses from volatile trading and potential fund misappropriation. Company liquidations like Blackthorn Finance indicate instability, risking creditor and investor funds.gripeo.com
• Reputational Risks: Association with scam allegations and low trust scores (e.g., 1.3/5) could tarnish partners or investors, as seen in reports labeling operations as “shady” and fraudulent.
• Legal Risks: Regulatory warnings from CNMV and potential ongoing investigations into NSFX dealings could lead to fines, bans, or enforcement actions; overlapping roles may invite scrutiny for conflicts or insider trading.

Business Relations and Associations

• Family and Key Ownership: Closely tied to Gope Shyamdas Kundnani (born 1957, Indian national), the owner of the Alchemy Group, suggesting familial control over operations.
• Company Partnerships: Former director at FDCTech Inc., Alchemy Prime Ltd., Alchemy Markets, FXPIG (via Prime Intermarket Group Asia Pacific Ltd.), and others like Blackthorn Finance Ltd. (payment processor) and Sync Capital Ltd. The Alchemy Group uses unified management across entities, including Seychelles-based Alchemy Global Limited and UAE’s Alchemy Markets DMCC.northdata.comweb.archive.org
• Notable Individuals: Associated with Patrick Graham Cann (Sync Capital Ltd.), Fiona Whitty (KNGK Property Ltd., Neritum Ltd.), Alison K. Gillett (Weswap.COM Ltd.), and Sten Carl Micke Alm (network links). Reports describe a “scam network” with these connections.northdata.com

Legal and Financial Concerns

• Lawsuits and Warnings: No direct lawsuits against Kundnani are documented, but the Spanish CNMV warned against Alchemy Markets in 2022 for unauthorized EU/UK client acquisition. Ongoing investigations are implied in NSFX reports, with questions over FDCTech’s acquisition transparency potentially violating disclosure rules.gripeo.com
• Unpaid Debts and Bankruptcy: No records of personal bankruptcy or unpaid debts, but associated companies show financial red flags—Blackthorn Finance Ltd. is in liquidation, and Weswap.COM Ltd. is terminated.northdata.com
• Other Concerns: Overlapping directorships in related firms raise conflict-of-interest issues; regulatory arbitrage through offshore entities could attract further scrutiny from bodies like the FCA or MFSA.web.archive.org

Risk Assessment Table

Niky Kundnani’s profile reveals a pattern of involvement in financial entities plagued by regulatory non-compliance and transparency issues, particularly through the Alchemy Group’s offshore operations and the NSFX acquisition. While his technical roles in brokerage and fintech suggest expertise, the accumulation of scam allegations, warnings, and company failures paints a picture of high-risk dealings that prioritize regulatory arbitrage over investor protection. The familial ties to Gope Kundnani amplify concerns of centralized control in potentially fraudulent schemes. Potential partners or investors face substantial exposure to legal repercussions and financial losses, warranting thorough independent verification before any