Authorities in Venezuela have arrested Generation Zoe promoter César Julio Gómez López.

Following an investigation by the Scientific, Criminal and Criminalistic Investigation Service Corps (CICPC), Lopez has been charged with fraud related to “false investments”.

As reported by Elpitazo, Lopez is part of the “Los Captadores de Zoe” group of Generation Zoe investors.

The gang offers citizens of Argentina, Paraguay, the Dominican Republic, Uruguay, and Venezuela to invest in cryptocurrencies by recruiting victims to invest in the pyramid company and use the Ponzi scheme.

Douglas Rico, head of CICPC, had this to say of the Ponzi scheme;

These criminals offer talks, conferences, trips and meetings with professionals about investing in cryptocurrencies backed by gold mines, thus getting their victims to invest in the fraudulent negotiation and serve as pyramid schemers.

In addition to Lopez, CICPC are on the hunt for four more Generation Zoe promoters; Blanca Torres, Martina Reyes, Patricia Sulbaran and Yomary Rivas.

Generation Zoe was a simple crypto smart-contract Ponzi scheme.

After Generation Zoe collapsed in February 2022, an international manhunt was launched against founder Leonardo Cositorto.

Cositorto was arrested in the Dominican Republic in April. He was then promptly extradited to Argentina.

Cositorto is facing criminal charges in relation to his operation of Generation Zoe. He is currently in pre-trial custody, having had three bail applications denied.