BTC Global Team under criminal investigation, $50 million in losses
Local media have dubbed BTC Global Team as “one of the biggest bitcoin scams to hit South Africa”.
Following the filing of 27,500 complaints, South African authorities have confirmed an investigation into BTC Global Team.
BTC Global Team complaints are reported to have been filed primarily from victims in South Africa, the US and Australia.
Hawks spokesman Captain Lloyd Ramovha on Thursday confirmed that the serious commercial crimes unit was investigating complaints against BTC global‚ a company in which thousands invested cryptocurrency valued at over $50-million by transferring bitcoins into an online wallet address.
“I have spoken to one of the investigators in our team and he has confirmed that this matter came to them about two weeks ago.”
“The amount is over $50-million and could rise as more victims come forward‚” said Ramovha. He could not confirm if the scam artists were South Africans.
“The investigation is in its infancy. I also cannot say whether it is a Ponzi scheme. BTC Global is being investigated for contravening the Financial Advisory and Intermediary Services Act‚” he said.
BehindMLM reviewed BTC Global Team last November and, based on its business model, concluded it was a Ponzi scheme.
Following BTC Global Team’s collapse, research revealed it is likely being operated by locals Cheri Ward and Andrew Caw – who together may be working with others based in South Africa.
Let’s hope the scamming admins and the pimps spend time behind bars!
Congratulations to the 27,500+ BTC Global Team victims who made their voices heard, you all are part of the solution.
In your ongoing interactions with law enforcement make sure they are aware that Cheri Ward and her minions most valuable possessions are their passports.
The money they stole is bitcoin and not subject to banking sanctions.
While they may not have scored “drop off the face of the earth and live on an island” money, the Hawks are circling and the media is picking up the story, at some point the temptation to get out of South Africa is going to become overwhelming.
As long as they still have their passports.
For those who don’t know South Africa, the Hawks refers to South African police DPCI (Directorate for Priority Crime Investigations), you can think of it as the South African FBI.
Hi. ive been investigating Pyramid/Ponzi Schemes in south africa for 20 years already, now the steventwain person who is on telegram background number tracing his 1st number puts him in Troy, Alabama.. his 2nd number puts him in yorktown heights in new york,, furthermore his 2nd numberends up at a brokerage firm, who deals with forex trading, cryptocurrencies.
look on the facebook btc global scam page as well as the timeslive fb page have posted some info there, the scam photo is taken in the usa…
…Steven Twain doesn’t exist.
Don’t worry much Frederick. We know that BTC Global, Sheri Ward and Andrew Caw are under active investigation by South Africa’s law enforcement.
In not very long at all Sheri and Andrew will be POWERFULLY motivated to find anyone other than themselves to blame for BTC Global’s fraud.
If Steven Twain does exist (and he doesn’t), he is the only person Sheri and Andrew can point to as someone either as guilty or in fevered imaginations, perhaps more guilty than they are.
To sum it up, Sheri and Andrew’s only chance to lessen their own sentences is to sell Steven down the river.
You know, unless the two people who knew him best can’t even prove he exists.
Scary thing is that Sheri Ward is one of the heads in MTI…. Think its time to take my bit out of MTI before this scam artist runs with it…
So she is at it again… Never got my money back at BTC Global..
Now I see she is at it again at MTI.. How is she getting away with this.
1)Was the liquidators of BTC Global not the same people as MTI and Finalmente liquidators?
2)What happened to to BTC Global liquidation and criminal prosecution of Cheri Ward and cohorts.
3)Does a criminal case number even exists.
4)Who oversees the doings and screwings of the liquidators?
I don’t recall liquidators being appointed in the BTC Global case.
We know the BTC Global criminal case is still open because it came up when MTI collapsed.
I believe the courts oversee the liquidators. They also seem to work in tandem with the FSCA.
This investigation in to BTC Global is taking forever. We are getting old and other victims have died already. I thought the Hawks were efficient.
It is my experience that the Hawks are extremely efficient … at announcing investigations that don’t go anywhere.
South Africa’s approach to MLM related securities fraud in general needs an overhaul. BTC Global and MTI at a minimum has made that painfully obvious.