5 scammers behind the Bitsolives Ponzi scheme have been charged by Indian authorities in Mumbai.
One arrest has been made in Pune. The opposite 4 scammers are on the run.
Bitsolives was an MLM crypto Ponzi that surfaced in 2017. 300% returns had been on supply, paid via the scheme’s Buxcoins Ponzi shitcoin.
As reported by BehindMLM readers within the feedback of our evaluate, Bitsolives collapsed in early 2019.
As reported by the Hindustan Occasions;
The accused have been recognized as Ganesh Sagar, Prashant Brahmbhatt, Chandrashekhar Bali, Anuj Ojha and Mohsin Jameel.
Sagar, Brahmbhatt and Bali are administrators within the agency, whereas Pune-based Ojha is its administrative head.
Jameel is the proprietor of a blockchain developer agency Bull Infotech that developed Bitsolive. Sagar has been within the area of community advertising for the previous 16 years, states the FIR.
Cops stated that one of many accused was arrested by Pune police final month.
“We’ll quickly get his custody. The administrators of the agency, Bitsolive, are believed to be primarily based in Dubai and London,” the officers added.
Mohsin Jameel (proper) labored as CEO of Bitsolives. He’s believed to function out of the UK.
Indian authorities have been monitoring Jameel for a while, with Bitsolives being the newest Ponzi in a collection of scams.
Circa 2017 Jameel had been tied to a minimum of seven fraudulent funding corporations within the foreign exchange and crypto niches.
Indian authorities imagine Jameel has stolen $1.5 billion {dollars} via his schemes.
Anuj Ohja relies out of Pune and Ganesh Sagar was additionally arrested in Pune a while in the past. Which means that accomplices Prashant Bahmbhatt and Chandrashekhar Bali are possible hiding in Dubai.
Because of restricted extradition treaties and non-existent regulation of MLM associated securities fraud, Dubai is a safe-haven for scammers. BehindMLM considers Dubai to be the MLM rip-off capital of the world.
The UK isn’t far behind, as evidenced by Mohsin Jameel scamming individuals out of over a billion {dollars} and dealing with no regulatory penalties.
On his private web site, Jameel cites himself as “amongst (the) UK’s most profitable british entrepreneur(s)”.
The investigation into Bitsolives was prompted by complaints by victims.
The complainant and his buddies had been instructed that in the event that they invested in Buxcoin, they’d develop into millionaires and they need to rope in additional traders because it’s a series system
The accused claimed that earlier than this, no coin on the earth can be utilized for overseas buying and selling, so if the traders use increasingly more Buxcoin for foreign currency trading, then demand for Buxcoin would go up throughout the globe and its worth will shoot up.
When traders requested the director of the corporate about their cash, they stated that the pandemic adversely impacted their funding mannequin.
The corporate administrators later throughout their seminars stored on promising that the traders would get their earnings, which by no means occurred.
It’s a well-recognized story that continues to play out throughout MLM crypto Ponzis working at this time.
Pending any additional updates to the Bitsolives case, keep tuned…