Indian authorities have arrested three scammers behind the FomoEX Ponzi scheme.
What seems to be proactive regulation at first, could be tied to the collapse eOracle Ponzi scheme.
The scammers behind FomoEX have been recognized as Raghavendra, Nagaraju and Shivamurthy. All three suspects reside in HSR Structure, a suburb in Bangalore, India.
As reported by the Indian Categorical;
Joint Commissioner of Police (Crime) Sandeep Patil mentioned, “The financial offences wing detected one other Ponzi scheme/chain-link scheme in HSR Structure… (they) promised greater than 20 per cent returns and guaranteed increased returns on getting extra members. Additional investigation is on.”
A police officer mentioned, “The accused ran a agency named FOMOEX at a non-public lodge in Yelahanka. They claimed enterprise presence within the USA, Singapore and China.”
FomoEX solely surfaced final month, that means Indian authorities would have needed to have acted quick to make the arrests.
This paragraph nonetheless suggests the investigation started previous to FomoEX;
It was additionally discovered that the accused had earlier cheated a number of folks in an identical chain-link rip-off.
“Chain-link rip-off” seems to be the time period Indian authorities use for cryptocurrency scams.
As reviewed right here on BehindMLM, FomoEX was its personal Ponzi scheme but in addition had ties to eOracle and HyperFund.
eOracle in flip was a reboot of Espian International.
Espian International and eOracle have ties to India by way of Karn Dwivedi (proper).
Dwivedi started as Nation Head for Espian International. He grew to become the face of the corporate when it rebooted as eOracle.
I suspected Raghavendra, Nagaraju and Shivamurthy had been operating eOracle too, technically making FomoEX the third reboot.
The Hindu confirmed Raghavendra, Nagaraju and Shivamurthy had been behind Espian International.
The accused had earlier floated a agency, ESPN International Firm, and duped many, a police officer mentioned.
This in flip means they had been behind the eOracle reboot too.
Dwivedi wasn’t the one particular person Raghavendra, Nagaraju and Shivamurthy hid behind.
Formally FomoEX is fronted by Stephen Meade (US, proper) and David Hung (Singapore).
Whereas Raghavendra, Nagaraju and Shivamurthy had been primarily based out of India, Dwivedi relocated to Dubai in some unspecified time in the future.
Regulation of Ponzi schemes in Dubai is non-existent. The UAE serves as a shelter for profession scammers, making it the MLM rip-off capital of the world.
At time of publication eOracle’s and FomoEX’s web sites are nonetheless up.
eOracle’s official Fb web page was deserted on September sixth.
Stephen Meade hasn’t up to date his Fb web page since September 18th. His final look for FomoEX was in a November 1st company webinar:
Meade’s final recognized whereabouts was Dubai. Because the November 1st webinar, FomoEX has uploaded a sequence of Indian narrated inventory footage advertising movies to its YouTube channel.
Little is understood about David Hung.
HyperFund is run by Ryan Xu, who has ties to each Australia and China.
Xu and the remainder of HyperFund’s executives additionally fled to Dubai earlier this 12 months.
Whether or not Indian authorities are investigating HyperFund is unclear. Ditto whether or not an arrest warrant has been issued for Karn Dwivedi.
Pending any updates, keep tuned…