Police in Brazil revealed $210 mln crypro pyramid scam

Police in Brazil revealed $210 mln crypro pyramid scam

The Brazilian police have arrested 10 individuals in connection to a crypro pyramid scam that has defrauded Brazilian investors with over 850 million Brazilian Reals or roughly 210 million USD.

The arrests were made after a massive police operation, involving the tax authorities, Finance Magnates reports, citing the local news website Correido Do Povo.

In the focuse of the police investigation are 13 people and 5 legal entities in connection to the fraudulent scheme, called “Indeal”.

More then 55 000 investors have fallen victims to the scam, after they were promised a 15% monthly payout.

The authorities stressed that the scammers did not have any license to provide financial and brokerage services and that they were receiving funds in the form of crypto currencies and fiat money without proper authorization.

The police say that the scheme is a classic financial pyramid, which would have collapsed, if all investors requested to withdraw their funds simultaneously.

In March prosecutors in the US raised criminal charges against the founders of OneCoin – a crypto currency, which allegedly turned out to be a multibillion-dollar pyramid scheme as well.

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
UK, Cyprus, Belize 4.95/5 $5 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Dash fends off cyber attack with a network upgrade

Dash, which currently ranks among the 10 most