A number of weeks again I got here throughout information that the Pakistan SEC had shut down ‘at the very least 9 corporations dealing in cryptocurrencies and providing Ponzi/MLM, referral advertising and marketing, pyramid enterprise/schemes‘.
Though this was MLM associated information, I didn’t acknowledge any of the corporate names and so left it at that.
A reader has now knowledgeable me that one of many corporations the SEC shut down was Dan Andersson’s LEO.
The precise authorized standing of Dan Andersson isn’t clear, however final we heard he was being held in Pakistan.
This follows from his arrest mid final yr, after which we haven’t heard something additional relating to legal proceedings.
As per the Pakistani SEC press-release dated March twenty eighth, 2019;
The Securities and Alternate Fee of Pakistan (SECP) has initiated authorized proceedings to wind up at the very least 9 corporations dealing in cryptocurrencies and providing Ponzi/MLM, referral advertising and marketing, pyramid enterprise/schemes.
The SECP has suggested public to not be misled by any schemes/offers/plans being supplied by these corporations: Gold Transmit Community Know-how (Pvt.) Restricted, Inexperienced Apple Tremendous Market (Pvt.) Restricted, Galaxy Typing Jobs (SMC-Pvt.) Restricted, 3-A Alliance (Personal) Restricted, Pak Memon Impex (Personal) Restricted, Memon Company (Pvt.) Restricted, Humanitas Meritus (SMCPrivate) Restricted, IDG Enterprises (Personal) Restricted and Ayat Enterprises (Smc-Personal) Restricted.
The SECP has already initiated authorized proceedings in opposition to these corporations for winding up by way of part 301 learn with part 304 of the Firms Act, 2017.
These corporations had been discovered concerned in illegal actions akin to amassing unauthorized deposits from the general public, leasing of vehicles, homes, digital alliances and different items and supplies. with out lawful authority.
A few of them are dealing in cryptocurrencies and providing Ponzi/Multi Degree Advertising and marketing (MLM), referral advertising and marketing, pyramid schemes, employment schemes in Pakistan.
The corporate Humanitas Meritus (SMCPrivate) Restricted is a shell firm, through which Andersson ran LEO in Pakistan by way of.
Andersson makes use of a lot of shell corporations to run the LEO Ponzi scheme worldwide.
The closest to Humanitas Meritus (SMCPrivate) Restricted is the Dubai company LEO Humanitas Common Buying and selling LLC. There’s additionally Humanitas Meritus Restricted within the UK.
As of late 2017, Andersson was utilizing each corporations to launder invested funds by way of:
Regardless of Pakistani authorities cracking down on Andersson and his LEO Ponzi scheme, Alexa nonetheless estimates Pakistan makes up 42% of site visitors to LEO’s web site.
South Africa has emerged as a brand new supply of funding, presently offering an estimated 36% of site visitors.
Within the wake of the Pakistani SEC crackdown, LEO has eliminated any reference to Humanitas Meritus (SMCPrivate) Restricted on its web site.
Contact particulars for a LEO “gross sales company” in Pakistan are nonetheless supplied, though what enterprise operations stay purposeful are unclear.