D9 Clube raided by police in Brazil
Despite promises to continue running the scam on Facebook, authorities are closing in on D9 Clube in Brazil.
Following a six month investigation, Brazilian police launched operation Giza on Thursday morning.
Operation Giza saw search warrants issued and raids conducted at ten different locations.
So far a boat, computer server, Harley Davidson motorcycle, drone and camera have been seized.
Local news reports are claiming one of the D9 Clube properties raided belonged to Marcos Franca, a top earner in the $3 billion dollar TelexFree Ponzi scheme.
Authorities in the Brazilian state of Bahia state D9 Clube was founded in Itabuna, ‘but has since expanded into other states and even to other countries‘.
Police are looking to charge D9 Clube staff and affiliates with tax crimes, crimes against the economy and formation of a pyramid scheme.
Preliminary estimates suggest D9 Clube was a R$2 billion Ponzi scheme ($642 million USD). Reported investor losses currently stand at R$200 million ($64.2 million USD).
BehindMLM reviewed D9 Clube in August 2016 and, seeing no evidence of any sports betting taking place, concluded it was a Ponzi scheme.
Brazilian police are expected to hold a press-release later today with more information. Stay tuned…