Crowd1, HyperFund & Solmax Global illegal in Nepal
Nepal’s top financial regulator has issued an illegality warning against Crowd1, HyperFund and Solmax Global.
The Nepal Rastra Bank identifies Crowd1, HyperFund and Solmax Global, as MLM companies utilizing cryptocurrency.
Network marketing (MLM) and cryptocurrency are both illegal in Nepal.
Solmax Global was an MLM crypto Ponzi scheme launched in 2018. Solmax Global was primarily promoted across Pakistan, to the east of which lies Nepal.
Solmax Global collapsed in October 2021. A reboot was immediately announced.
The Nepal Rastra Bank’s warning was issued on January 23rd.
On January 26th the Himalayan Times reported Nepal’s Department of Revenue Investigation has taken action against four individuals.
The DRI filed a case against the suspects, three of which are family members, following an investigation into their promotion of Crowd1, HyperFund and Solmax Global.
The DRI managed to recover Rs. 370 million from the scammers ($3 million USD).